Solid Foundation Elberton Georgia

[William Gaines]

Investment Info:

Single-family residence fix & flip investment in Elberton.

Purchase price: $55,000
Cash invested: $55,000

Built in 1939 with Brick and a granite foundation from local quarry. 3-1.5. Harwood Floors

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

I have a website with google adds and a local investor called wanting to get out of the business. His tenants were over $4,000 behind in rent. Originally he wanted $70K, I went through my analysis with him and why I was offering only $55k. I held firm to my numbers and he called back 3 months later agreeing to my original offer.

How did you finance this deal?

Cash to purchase and Heloc for construction costs.

How did you add value to the deal?

The property was a disaster rats and pet debris everywhere. The exterior painting and roof needed repair. The yard has not seen attention in years. I am sanding and staining hardwoods in most areas, remodeling kitchen, baths, and upgrading lighting.

What was the outcome?

I am using a local GC but labor market is tight and it has been slower than I planned.

Lessons learned? Challenges?

The old water pipes had to be replaced throughout the house because water pressure has become a trickle. Almost 100 year old plaster walls limit your options when remodeling.