All Forum Posts by: Elizabeth Marcelline

Thank you! It is a tough situation. Comps in the area are well over 1.5 million and stay booked. It is a beautiful property and all plans are approved. I am just hoping to figure out something fast before my contractors get impatient and dump me. 

So,

I have a 10-acre property in Blairsville that I bought to do a rehab on the existing home and build two modern ADUs to create a STR compound. The problem is the rehab is way more work than anticipated (termite damage forced us to take the home down to the foundation). Now the bank is trying to push me to refinance into a new construction loan to complete the project. But since there is no longer a house they want me to pay an additional $120,000 skin in the game! I would love advice on what to do. Some have suggested I sell. Since I paid a large down payment and have not taken a lot out of my draws my mortgage is very small. Some say to find a better bank to refinance. Some say to convince my current bank to let me continue and just do the one home then reassess. Any advice would be welcomed. Or referrals to lenders that could help!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $163,000
Cash invested: $18,000
Sale price: $425,000

Currently worth $425,000 renting at $2,800 per month

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $530,000
Cash invested: $250,000
Sale price: $728,000

Refinanced for $728,000 Appraisal verified ARV is $1,200,000

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

holding

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

off market

How did you finance this deal?

hard money and refinance

How did you add value to the deal?

complete renovation down to the studs, exterior and interior. Added bedrooms bathrooms and a pool. Completely new landscaping and new roof.

What was the outcome?

doubled the value of the property

Lessons learned? Challenges?

excellent flip followed the timeline perfectly and refinanced within a year.

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

Elizabeth Marcelline: Investor friendly agent 678-536-3833

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $197,500
Cash invested: $170,000
Sale price: $430,000

complete renovation, full exterior and interior gut.

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

profit margins

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

off market

How did you finance this deal?

hard money

How did you add value to the deal?

full renovation added bedroom and bathroom and finished the basement

What was the outcome?

added value , set the market for the neighborhood

Lessons learned? Challenges?

Terrible flip. I had two contractors walk out on the job. Faulty work doubled my renovation cost and timeline. Due to my design and marketing I was able to sell quickly and salvage the deal.

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

Elizabeth Marcelline: Investor Friendly Agent! 678-536-3833

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $92,000
Cash invested: $40,000
Sale price: $190,000

cosmetic fix and flip. updated kitchen, added a bathroom, new flooring and paint, new hvac