Pandemic flip /Princess Ave

[Al Mckeithan]

Investment Info:

Single-family residence buy & hold investment in Atlanta.

Purchase price: $130,000
Cash invested: $40,000

Found this deal when pandemic hit paid 130k.took out a hard money loan 206k put 40k down . While project was In progress house apprised for 360k . Honestly was going to sell home to get cash injection for business but we were approach by agent who had a tenant that was willing to rent for 2300 a month and pay two months in advance plus deposit . We decided to refinance take original down payment out which put are payments at 1,449mth . Now we want more deals like this mixed in with a few flips!

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

The equity that I knew I can build up from my contracting skills and knowledge !

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

Was working on roof job next door and just literally research the house that was a bandit and coincidentally was just listed for 170k a week prior so we called agent . We Negotiate it by using the crime in the area and house been abandoned for years to get seller down to 130 K

How did you finance this deal?

Caught up a broker I previously did a few jobs for and he found financing for us putting 20% down

How did you add value to the deal?

Looking at the amount of work that was needed calculating the cost totaling up total cost and subtracting that from the ARV

What was the outcome?

Original ARV was 325 once we're almost done with project ARV shut up to 360

Lessons learned? Challenges?

Challenges was the neighborhood was not the best but up-and-coming we did have a few things stolen from probably like generator And few tools but I didn’t let anything stop us from reaching our checkpoint

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

Yes 770hardcash they were fast and Very knowledgeable on funding our deal