I was the first person in with a signed contract and wire in to the wholeseller. There were multiple back up contracts on this property the very same day. And yes some of them were more than mine even by I believe 50k more.
We're very excited to presentour first post for our five Atlanta area houses that we will be teaching on during these Jogger Nike series. We have multiple jobs starting right now, some of which are not even these 5 houses that I am discussing right now as well as flips going on in 3 different states. I have done well over 200 flips and continue to do more, but I first want to discuss my favorite house of all time, a Historical Victorian House located in Grant Park in Atlanta. In a previous post, we established and defined "The 8 Phases of the Flip," and today, I want to discuss Phase 1 and a little of phase 2 for this historical Victorian house. Since this is a historical rehab, there is plenty of extra "red tape" so I bounced a little between phase 1 and phase 2 on this flip.
Size 3 story, Main 2 floors over 3000 sq ft with additional 600 sq ft in usable attic. As it sits now, 4 bedroom, 5 bathroom house. Master suite includes private sitting room, 10x10 balcony overlooking historical Grant Park along with 2 original fireplaces in the sitting room and the master bedroom. The househas a formal living room, study, and dining room on the lower level.
Numbers Purchase 225k, rehab 250k, after repair value 750k. We had $5000 earnest money (all cash) closing immediately, no contingencies.
If by risk you mean construction overages or things that I did not see before I started demo etc. I think the normal best case budget would be 200k so I am expecting 25k to 50k of extras or uh ohs.
Blueprints see attached, laser drawing stage. We are taking our time on this house because of what it is, as well as the market is continuing to skyrocket here in Atl. So we are still working on official new layout but I attached the as is existing floor plan.
Did you have your contractor go through the property before bidding? You said it was on the market for less than an hour so I was wondering. Were you confident in your Nike Tech Fleece Joggers Burgundy
How I found property Through one of our local whole sellers. We put the home under contract within 1 hour of it hitting the market, this house also had multiple cash backup offers on the property
numbers because of your experience?
Budget 225 250k, finalizing final numbers with general contractor and subs
Location As they say in real estate, "LOCATION, LOCATION, LOCATION!" This is a prime example of that. We are on a huge corner lot that overlooks the historical Grant Park and Atlanta Zoo. An extra bonus to this house is that it's located one block away from a highly acclaimed charter school, giving the owners of the house first selection into this school.
Were you the highest bidder?
17 Dumpsters on cleanup and landscape cleanup. I really think it will be one of the best houses I have ever rehabbed. Please keep in touch if you have any questions.
I did not have a contractor go through it before I put it under contract. Please understand I would not have bought this if it was my first flip or even 25th flip, but I am well into 200 plus flips. Saying that it does not mean I know everything or can't make a mistake. But I am very comfortable with this flip.
How much risk do you have built into your rehab numbers?
fact that the people previously living there were hoarders, we had an excessive amount of cleanup and landscaping demo to do at this property. One of the reasons we skipped to Phase 2 and did the landscape demo is because this house was buried in overgrowth, as you can see in the photos. We wanted to bring this property back to life by getting the neighbors and community excited and talking about this property being restored. I can assure you this Nike Sweatpants For Men
Landscape cleanup Due to this house being unoccupied for over 12 years and the Nike Shorts For Girls
Phase One ( a Little of Phase Two) Grant Park: 417 Augusta, Atlanta GA
5 Flips Start to Finish
idea for marketing works! We had well over 50 different neighbors stop by and thank us dearly for making the neighborhood better and cleaning up this property that's been an eye sore for over a decade. Several of the neighbors even mentioned that they did not even know there was a house sitting there because of the landscaping being extremely unattended! Stay tuned for our next post regarding a different property in Atlanta a brand new house!
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