Quote from @Felicia Richardson:
Hello! I closed two weeks ago, on a Duplex in East Point, GA near Greater Atlanta for $319k. My Property is Zoned, to add a Tiny Home, as well. I used NACA and it took me 7 Months, to get through the Program. I saved $25k, however I only spent around $3,800 in Closings Costs. I'm planning my next Investment, but I'm undecided on the Financing route, that I will take for the second one and beyond. I'd like to do a Fix n Flip. Can anyone offer me, some solid advice and good financing resources?
First off, congratulations! You are the first person that I have seen to make it through the NACA program.
Second, with the fix and flip situation, interest rates are set to go up one more time before the end of 2022. With that being the case, many buyers have been detered from making home purchases because the monthly payments are significantly higher than they were. From July 2022, prices have already dropped in metro Atlanta by 10% so we are experiencing a correction currently. Transactions have dropped by almost 40% and days on market have more than doubled.
My recommendation is that if you do a fix and flip that it is to someone that is most likely going to be a first time home buyer, under $300,000. This way, you have a large pool of buyers. Also, what location are you thinking of? As you know, East Point is in a school district for Tri-Cities and maybe a few Atlanta public schools which deter many people with families from moving there; people with families are the largest demographic of homebuyers.
if you have any questions, feel free to text me or call me at 678-467-9126. Let me know you are from BiggerPockets.
