A JV Rehab with another BiggerPockets Member - A Success Story!
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!
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@David Begley Congratulations! The after pics look fantastic!