Fix and Flip in Sandy Springs
Investment Info:
Town home fix & flip investment in Sandy Springs.
Sale price: $190,000
We bought this property at a HOA foreclosure sale back in April for $25,000. Barely had to put any money into it and closed in October. Of course with HOA foreclosures the buyer is still responsible for the pre-existing mortgage, so always pull title before purchasing. Really great investment for us.
What made you interested in investing in this type of deal?
Bought it really cheap on the court steps.
How did you find this deal and how did you negotiate it?
Advertised for foreclosure.
How did you finance this deal?
Cash.
How did you add value to the deal?
New paint and carpet and misc repairs.
What was the outcome?
Had a really great return with getting close to what we listed it for and not having to put that much money into it.
Lessons learned? Challenges?
It always can be challenging getting the payoff on foreclosure deals. Most lenders are weary and require the previous owner's social security number for the payoff. It can get really annoying having to deal with banks. On this property the owner already vacated, but on most HOA foreclosures you will have to evict the owner which takes time and legal expense.