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Updated about 4 years ago, 11/12/2020

User Stats

103
Posts
28
Votes
Justin Lee
  • Realtor
  • Atlanta, GA
28
Votes |
103
Posts

ATL Ashview heights Duplex BRRRR

Justin Lee
  • Realtor
  • Atlanta, GA
Posted

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $140,000
Cash invested: $30,000

I purchased this home in June for $140k. The home was presently a 2/2 with an upstairs unit that needed a complete renovation. We completed the renovation and furnished the home for Airbnb and was live by 10/1. We vlogged the entire process from start to finish and can be found on our YouTube visit ThePropertyBruhz.com. Please like, subscribe, and comment. 

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

The area, income capabilities, and built-in equity.

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

This was an off-market deal that was referred to me by a former college classmate.

How did you finance this deal?

Private Money 20% Down , 100% Renovation

How did you add value to the deal?

Full Renovation of the second unit with bathroom addition and minor cosmetic renovation to the exterior and bottom unit

What was the outcome?

The home is now valued at $340k and is on Airbnb Renting $175 per night per unit. It has been booked every weekend since listing and has bought in well over $3600 in this first month.

Lessons learned? Challenges?

The biggest hurdle of this project was dealing with JANKY Contractors. I had a contractor to drag the job out from 45 days to 75 days and ran off after the drywall stage. Contractors have made the money they wanted to make by this stage and almost always take their time with taking the project to the finish line. Ultimately, staying true to the contract and phases could've saved me headaches and a loss of time and money. Also, insurance doesn't protect the customer only the contractor.

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

Private Money Lender - Baker & Collins Co.