All Forum Posts by: Lynn Angus

@Bill Exeter @Dave Foster Thank you for the confirmation! Very helpful information at this point in the process. Thank you.

My realtor went to a training today and believes that we cannot use a 1031 exchange. We are about to finish and sell our first flip and were hoping to invest all profits into the next house. We have several leads already, so we were not worried about the timeframe. I just read through all of this thread--apparently I'm missing something? Or is my realtor incorrect? We are also reaching out to our accountant... Thanks in advance!

@Anna Watkins I forgot to answer your question. We had bids from 2 stagers. $1875 for 60 days, $400 for each additional month. My partner and I LOVE decorating and think we're pretty good at it -- however, the cost of renting plus the money we would have to put down PLUS risking my bad back made the stager look like a better deal. Also, they both included extras like art, lamps, towels, and other pops of color that the room rental places don't. All that said, during our rehab we have gotten to know the neighbors and have garnered quite a bit of interest. We may end up not staging at all. 

@Rick Baggenstoss Where are you working now? I heard there was a house on Holderness that has liens because of approval problems. The house behind us on White St. also reportedly has a stop work order and a lien AND has a sale pending. The delays have been a pain, but we're so glad we've been doing it right.

Hi everyone! I've been off the grid lately. Wedding, spring break, and...FRUSTRATING DELAYS with the city!!!!  :)  I can say I am learning a ton in this process.  The historic district has its own headaches, and because the house had already had some non-approved rehab that was not up to code, it felt like we were chasing a moving target. The last delay (with the arborist) is over, and now we are on the home stretch, even though if you drove by it wouldn't look like it!  The exciting part is, we already have some interest in the house. 

Hoping to make it and meet some of these great folks in person!

Update -- Closed on the house. Dumpster is onsite, roof and gutters being replaced this week. 

We are going with a 3/2 that includes a master suite. The "open concept" will happen with some French doors opening up the front room to what was the 4th bedroom. 

Thanks for all of the advice and support! We're excited about this new frontier!

@Michaela G. I just discovered the map yesterday! I'm more of a visual person, so clicking on the map and looking at the concentration of colors in different areas has been helpful. I did not realize the sales were divided into years like that -- thanks!

@Azeez K. thanks for the info!

@David Begley I appreciate the info. That's the way I'm leaning, too. Unfortunately, the bedrooms are between the kitchen and the living room area, so there's no way to connect it all unless we lose the master (basically what you said, @Michaela G.). Would love to hear how your places are going. 

@Rick Baggenstoss I looked at the link you posted about the Latham St. flip -- looks beautiful. I would love to see the Holderness place. My partner and I will be out there on Friday and Saturday and will PM you my contact info. 

Thanks so much, all! We do have an "eat in area" that was built onto the back that the inspector said is hanging on by a thread (not up to code). I'm planning to tear it down and make that a deck, which is why we had to try to find additional dining space. 

@Manesh Hardeo thanks for the inspiration! We just had an offer accepted on Rose Cir, one street over from your flip. I was just studying yours as a comp today! Looks great!

Had an offer accepted on a house in Historic West End ATL...maybe a house that no one else wanted?  865 Rose Circle -- I know part of the pass-over may have been location, but with the Beltline coming in, the access to the Marta, and the fact that some rehabs on White St. and other surrounding streets are happening, I'm excited. This is our first flip, so of course we have doubters. We are getting bids at the end of this week. I've been studying comps, both listed and sold, and am curious about biggest bang for my buck, specifically in these areas (right now it's a 4/2):

1. Prioritize "Open concept" -- the kitchen is currently separated from the front room by a bedroom. Could open up that bedroom and then would have a 3/2 with open concept. BUT the master would have a jack and jill bath (or if we had an exclusive master, 2 of the bedrooms would only have a bathroom across the house)

2. Prioritize Master suite -- is this more important than open concept?  We could keep the master suite, and make one of the tiny bedrooms an eat-in kitchen.  A 3/2 with a master suite and a decent kitchen. Kitchen and eat-in area are separate from the front living area.

3. Prioritize # of Bedrooms - If we have a small master suite and a small kitchen with no eat-in area, we would still have a 4/2. (front room, shotgun hallway with bedrooms on each side, kitchen in the back. This would be the simplest and cheapest, but also a lower ARV, I'm sure.

Interested in opinions, especially from Atlantans who have tried to sell in West End. We think we can have an ARV of 175k or higher.

Thanks!

Lynn