First Fix and Flip in Georgia state

[Laurence Obi]

Investment Info:

Single-family residence fix & flip investment in Loganville.

Purchase price: $187,500
Cash invested: $25,000

This rehab got completed on the 3rd week of October 2019 and we will be cash flowing it and refying into our next deal.
We're doing an overloaded version of the BRRRR strategy using short term rentals.
That's our play.

What made you interested in investing in this type of deal?

Well... I'm a serial investor and I met my business partner who totally matched my energy and we decided to dive in blind and luckily found a good deal.

How did you find this deal and how did you negotiate it?

This was a foreclosure.

How did you finance this deal?

Private money lender

How did you add value to the deal?

Home had no kitchen. Was in bad shape. So a $25k flip put it in good shape.

What was the outcome?

Ready for rental and refy.

Lessons learned? Challenges?

Lessons: Never believe the prognosis on ARVs on auction sites. Do your due diligence yourself.

Challenges: Finding contractors for the first time in my life. It was a huge headache.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Nope!