Another Savannah GA Flip Story

[Chris Licavoli]

We just sold 926 Millstream Ct in Savannah GA.  This was a probate property we purchased from the local Homevestors wholesaler.  The property was abandoned for 3 years as it went through probate court.  We purchased it from the 2 heirs to the owner.  The house was loaded with junk and step one was to hold a huge estate sale and throw-out party.  The numbers were as follows: Purchase price $75,000, Repair Budget $52,000 consisting of new windows, roof, AC, appliances, flooring, vanities, paint, fixtures, lighting, landscaping etc.  Selling, holding, interest, concessions was about $22,000. Final selling price was $180,000.  Total in to out time on this project was 131 days and the big surprise was enduring the wrath of Hurricane Mathew.  Fortunately we dodged any major damage from the storm.  In the end we booked a 20% net profit (on total expenses) which including paying our private lender interest and profit sharing of nearly $8000 on the invested funds (purchase price plus a majority of the renovation costs). The market in Savannah remains robust with unemployment below 5%.  We have 3 more projects currently underway and/or looking for funding partners.  I will post the results of those as we finish them.