All Forum Posts by: Daniel Andrews

@Joshua Gray are you looking to be a financial partner or labor? Which part of Atlanta are you in

Thanks Denzel and good luck to you!

Thank you everyone!

Thank you @Brande Smith

Thank you!

I purchased my 3rd flip (off market)in March this year north of Atlanta in a town called Kennesaw. I spent 3 months rehabbing the house including kitchen, baths, paint, floors, landscaping and deck. We use the house flipping spreadsheet to create a budget and keep up with accounting cost. Love the spread sheet. I put a link at the bottom. I have networked with seven local real estate agents and wholesalers in this area and currently looking to start our next flip. 

Purchase price 90K cash

rehab budget 40k went over 4k for total 44k

selling and holding cost 20k

Asking price was 235k

Last month I also purchased an off market rental in Kennesaw. Purchase price was 130k - 20% down and rent income is $1300 month. Cash flow 500 a month. Thank you bigger pockets for keeping us well educated in the real estate market. I listen to all the podcast.

@Daniel Andrews sorry to add that the flips are north Atlanta area, woodstock, Marietta kennesaw

My wife and I have been involved with real estate since 2005. We acquired 3 rental properties by the time I was 26 years. We had two amazing kids over the years. Fast forward to 2012 my wife was diagnosed with breast cancer. It was the hardest and most difficult time in my life. My wife Jaime was 34 at the time. She stated treatment and our outlook on life changed. We traveled more and bought a vacation cabin rental in the mountains. We loved it. As a family we spent so much quality time together and made money renting it out on Airbnb and Home away.  For 15 years I worked at a corp job that I loved but consumed 50 plus hours a  week. 

In 2017 my wife lost her battle to cancer, she was 39 years old. Our hearts were broken and grief set in. My son was 12 at the time and my daughter was 8. I new that my kids were the most import part of my life. My corp schedule was not going to work out being a single dad.  So two months after my wife past away I took a leap and left my corp job.  My plan was to focus on spending time with my kids and find a job that works with there schedule. 

My wife and I listen to all the podcast on bigger pockets and my focus was rentals.  I had a steady income off my rentals and wanted to add more. In my free time I started a Pet sitting business and a car rental business to help with my monthly income. 

In 2018 I started looking for a rental or maybe a house to flip. I was thinking I could invest 20+ hours a week on a flip if the right deal came up. Well it did. I bought a house that needed to be rehabbed. Some of my closes friends and family did not like the idea because the house was trashed.  Well six months later I flipped my first house. To say that it was a learning experience was an understatement.  But I made 38k off the flip and started another a few months later. The second flip I completed in 3 months (cut my time in half) and made 58k.  I just bought my third house (off market) a month ago and we are half way done.  Plan on listing in June.

Real estate  has changed my life! I spend quality time with my kids, I work my own schedule and my kids help me with the flips. They know more about flipping houses than most. I love what I do and I know my wife would be proud. I now have six real estate calling me with deals and off market properties. I have silent partners and private money being offered if the right deal comes up.  Bigger pockets has been an amazing resource and played a big part in changing my life. 

Investment Info:

Single-family residence fix & flip investment in Woodstock.

Purchase price: $165,000
Cash invested: $30,000
Sale price: $279,000

The house was a 3 bed 2 bath with addition room in the basement that was finished. The house was dated from the early 80's.

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

The flip profit.

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

The house was listed on the MLS and I paid 15k over asking price.

How did you finance this deal?

Cash

How did you add value to the deal?

I upgraded the kitchen and bathrooms, paint the interior and exterior, new floors, new windows, new doors, new appliances, new gutters and landscaping.

What was the outcome?

6 months and 56k in profit before taxes.

Lessons learned? Challenges?

The winter time was not the best time to sell and lost some profit because it was the off season.