Georgia 3Be/2/5Ba Townhome

[Robert Brant]

Investment Info:

Townhouse fix & flip investment.

Purchase price: $199,000
Cash invested: $22,000
Sale price: $250,000

3 Bed/2.5 Bath, 1778 sf, 1-car.

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

Price and location.

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

Drive by. Had an agent.

How did you finance this deal?

Conventional loan.

How did you add value to the deal?

Repainted entire interior, replaced all light fixtures, replaced all flooring, painted kitchen cabinets and added new cabinet doors, installed granite countertops and 12x25 concrete patio on back of unit.

What was the outcome?

Listed property for $235k and received 7 bids highest being $250k with an $11k appraisal gap.

Lessons learned? Challenges?

Offer was original $265k but the appraisal came in at $239k even though another unit directly behind that was only 2 bed/2.5bath and 1400 sf sold for $235k so the appraiser prevented us from a higher valuation.