Another success story from Savannah GA!

[Chris Licavoli]

Hello BP

Today I'd like to share a recent closing we did this summer in mid town Savannah GA bread and butter entry level home. I purchased this house by bidding on it through HUD Homestore. It was old and SUPER NASTY on the inside including termite damage. The roof was so old that most asphalt shingles were down to just the base fiberglass base material.

Purchased 4/15 2016 for $61,278.  It had 3 beds 1 bath, a living room, family room, dining room and kitchen.  1474 sq ft total area.  Total repairs came to $45,000 that's $28.00 psf.  The changes we made included adding a 2nd bathroom by carving out space in one of the bedrooms and converting the family room to a 4th bedroom by adding a closet.  In the kitchen there was no space for a dishwasher.  We solved this by converting a coat closet in the living room which backed up to the kitchen, into kitchen floor space where we put the fridge and then moved the stove to the old fridge spot, then put the new dishwasher in the old stove spot and topped it all off with granite.  In the end we made a 4/2 out of a 3/1 which was a good investment.  

Other renovations included new roof, appliances, AC, flooring, lighting, paint, conversion of 100 amp glass fuse panel to 200 amp thermal CBs and the elimination of gas lines. 

We had this back on the market on 6/14/2016 and under contract in 7 days. Unfortunately the property was in a flood zone which added about $100 a month unexpectedly to the cost of ownership for the first buyer who failed to qualify.  Our 2nd buyer closed on 8/22/2016 for a total of 129 days end to end for us.  Final sales price was $138,000 and after all expenses we netted only $15,488.  Did I mention the new appliances and AC got stolen so we had to buy those twice?  Yep!  Lesson learned...we purchased a SimpliSafe home security system that we can now move from project to project and has only $15 a month in monitoring fees.  We won't make that mistake again!

Our private investors pocketed 10% APR over the 129 period

Best Regards

Chris Licavoli