All Forum Posts by: Account Closed

When you first bought the home - did you do your research on the ARV values for the area? The reason I ask- if the house is 2200 sq ft under air - it works out to $66/ft retail -for a nice upgraded home. I'm not familiar with Austell retail prices - is this the market value for Austell? Just curious.

The home isn't in Austell. But you're right, it was worth more than $145k, we just had to get to off the books! If we had the luxury of waiting, I'm sure we could have commanded $150k-$160k.

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Originally posted by @Justin Fraser:

Looks great! Thanks for sharing. Any idea how to get rid of the "before" pictures on Zillow next time?

Justin, if you claim the house as yours on Zillow, it allows you the opportunity to delete the pics. We did that on the second go-around once we found out why the first buyer backed out.

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Originally posted by @Jason V.:

@Account Closed What did the timeline look like? Did holding costs hurt you because of the total hold time? Rate/Points? Or did you have penalties put in for going past some set amount of time with your lender?

Holding costs hurt us because of the interest payments being extended longer than expected as well as feeling like we had to accept a much lower off to move the property off our books.

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Originally posted by @Nolan Gray:

whats the paint color if i may ask ?

Sherwin Williams SW7667 - Zircon

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Originally posted by @Scott Harper:

Looks great. I was wondering what you learned or would do differently to have made a little more? 13 k is good but what limited it? was it the purchase price? The rehab estimating? The hold time? Interest rate? Sale price? Just curious but still a great achievement. Thanks for posting.

Scott, what limited it was timing, mostly. 1st, FHA has that stupid 90 day rule, so the first few offers we received, we had to turn down. 2nd, we had a good offer from a USDA buyer, they loved the house and went almost to the end of due diligence and somehow saw the house in it's "before" state on Zillow and thought there had been mold in the house. There wasn't. They backed out of the deal costing us valuable time. 20 days later, we received an offer at a lower price and accepted it. That alone lowered our yield by $6k between the lower offer and our holding costs for another 20 days.

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Originally posted by @Cosmo Lee:

@Account Closed congrats on the flip. How did you find the house? Congrats, hopefully as you do more flips you'll make more money.

Cosmo, We found the house on a 3rd party online REO site. Thanks!

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Originally posted by @Bill Hinshaw:

Congrats on a successful flip! I agree that is an absolutely great house for someone at 145k. Front elevation looks great and all the undeveloped space in the back would be a huge plus. Wish I could have it! Do your expenses include commission (I'm guessing that would be part of your cost of sale, just wanted to verify)? Do you act as listing agent on the sell side?

Bill, my business partner is a broker, so the only agent fees we had were the buyers agent 3%. That's factored in the expenses I listed above.

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Originally posted by @Josh Hooper:

@Account Closed Congrats on the successful flip and congrats to your investors on a healthy profit. Are you doing the rehabs yourself or are you subbing out a lot of the work? I'm an investor in Atlanta. Would be happy to look at any opportunities you are working on to potentially flip if you need additional investors.

Do you have any investor-minded subs or GC friends/contacts in the Atlanta or metro-Atlanta area you would recommend? My team is looking to work out our first flip in Atlanta in the upcoming months.

Thanks Josh! We have subs that can, for the most part, manage themselves, but we "GC" to keep everything flowing and getting done.

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Originally posted by @Brenda Lyons:

Beautiful :-)

Thanks Brenda!

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All Forum Posts by: Account Closed

Account Closed has started 4 posts and replied 29 times.

Post: Cost to Build - Metro Atlanta

Post: Another Flip Sold and Done! - Before and After Pics with Numbers

Post: Another Flip Sold and Done! - Before and After Pics with Numbers

Post: Another Flip Sold and Done! - Before and After Pics with Numbers

Post: Another Flip Sold and Done! - Before and After Pics with Numbers

Post: Another Flip Sold and Done! - Before and After Pics with Numbers

Post: Another Flip Sold and Done! - Before and After Pics with Numbers

Post: Another Flip Sold and Done! - Before and After Pics with Numbers

Post: Another Flip Sold and Done! - Before and After Pics with Numbers

Post: Another Flip Sold and Done! - Before and After Pics with Numbers