This charming triplex is nestled in the heart of Summerville in Augusta, GA. I purchased this deal off-market and renovated 2 out of 3 units. After holding it for 2.5 years, I sold and did a 1031 exchange into a different property.

Purchase price $130K
Renovations $50K
Add'l cash $30K

Total profit minus closing costs and realtor fees = $150,500.00

What made you interested in investing in this type of deal?

I had been interested in doing a flip after attending a few real estate classes. I was also looking to expand my level of experience and give flipping a house a shot.

How did you find this deal and how did you negotiate it?

One of the local agents called me and gave me first look at a property prior to listing. I liked the location and was able to see various exit strategies. I decided to go for it.

How did you finance this deal?

I used a hard money lender on this deal. They were able to act quickly and help me secure a cash offer- making my terms more attractive to the buyer.

How did you add value to the deal?

I renovated 2 out of 3 of the units, and then boosted rents from 650/ month (one unit) to $3049/ month. I reached the higher rents by increasing the bottom unit from $650 to $849 and turning the top unit into a furnished rental- catering to traveling nurses. ($1495) The other bottom unit was secured by a long term tenant at $750/ month

What was the outcome?

I ended up holding the property for 2.5 years. I refinanced out of my hard money loan after 9 months of seasoning and moved the debt into a locked 30 year loan. I then had time to boost the rents and show financials for 2 years. This helped create an attractive business case to the purchasing investor. I sold the investment in 2021.

Lessons learned? Challenges?

So. Many. Lessons.
#1- Hire good rated contractors. I ended up wasting a ton of money hiring inexperienced contractors.
#2- Be careful who you partner with- I brought a partner in the deal who wanted to be more of a back-seat investors. I secured the financing, found the property, brought 1/2 the money AND was managing all of the work.. I noticed the disconnect very quickly and paid out the partner their 1/2 of the money + interest- then took over full ownership.
#3- Never quit

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes- I worked with Ross Trulock on the real estate agent side. He is in Augusta, GA and is an investor friendly realtor.
I worked with Locklin Capital in Atlanta, GA. They were awesome- I have since recommended other investors to work with them and they have been happy.