Originally posted by @Joe Cassandra:
Last couple deals over last few months (note: I'm just a bit outside "metro" ATL in Cherokee and Cobb and Cartersville, but market is just as hot)
- BRRRR PP $122k, repairs 8k, just appraised for 207k (rents for 1.5k)
- BRRRR PP $80k, repairs $500, arv 120k (rents for 1k)
- closing on another BRRRR PP 122k, repairs 3k, arv 190k-200k (rent 1450)
- Just "flipped" a house in Kennesaw. Bought for 78k, just de cluttered for 1.5k, listed on MLS and sold yesterday for 150,500. (house needs about 60-70k which I didn't want to do). ARV probably 230k. Guessing they'll just rent it or they'll try and bump the comps (which that's too risky of a strategy for me).
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All off-market deals I sourced.
As proven by my last deal there, trying to buy on market at 75-80% arv - repairs is impossible. I don't even look anymore.
Hi Joe,
Went to Cherokee last week to take a look at property
- BRRRR PP $150k, Rehab estimated $50k, rental $1400, ARV $210
Went to West side of I-20
- Flip PP $140k, Rehab estimated $120-$140k, ARV $320k.
of course I didn't get any of these because I don't think it'll work with my strategy.
that basically proves your point which is almost impossible to get a buy of 75% ARV - Rehab unless I plan on working on the rehab myself to cut the cost which is not an option at all.
Yet somehow you still managed to closed on 3 great deals though, kudos to you.
What kinds of repairs only cost $8k and $500 but gave such a huge jump for ARV?
And how did you find those deals?
Keep me in mind when you have an extra deals you want to pass on.
