A JV Rehab with another BiggerPockets Member - A Success Story!

[David Begley]

A BP friendship with @Tom Yung this past summer led to a JV to rehab an Atlanta property Mr. Yung had picked up in a Dekalb County tax foreclosure. The house is located in east Atlanta in the Edgewood neighborhood and was vacant for over a year while the statutory barment process was completed and was vandalized and used as a crack house and a place for homeless to crash. A downside to picking up tax foreclosures is the inability to go inside the house to inspect. The cost to pick up the house, attorney fees, etc was approximately $70,000 and I'm not sure either one of us would've made the investment if we'd seen the inside first! More numbers and after pictures will follow, but I think you'll agree that this one is a doozy!

[David Begley]

Before Pics:  https://www.flickr.com/photos/21483092@N05/sets/72...

After Pics:    https://www.flickr.com/photos/21483092@N05/sets/72...

Bought for approximately $70,000; spent $80,000 in rehab expenses; listed for $245,000 and had a contract for full price the second day listed!  Net profit of approximately $73,000 after realtor fees/closings costs.