All Forum Posts by: Roderick Giles

I have been in the middle of a fix and flip in Atl for the past year that we bought for $275k and now I have to sell it. Long story short, the engineer that worked on the project did not get the proper permits while we were building the home, which has been framed, now it has to get torn down and rebuilt. When we started we knew the property was in a flood zone but later found out it was in a flood plain zone and the property has to be raised 3 feet above the flood line. The hard money lender does not what to loan the extra funds it will take to remove the framed property and rebuild the property 3 ft higher. We had an appraisal done a few months ago showing there is still a profit to be made. The rebuild would cost around $275k and the appraisal came back at $710k based on a 3000 sq ft home. I am currently pursuing litigation against the engineer, but I can not cover the added cost to finish the project. I am willing to sell the property and move on. If I can't find other investors to come in its looking like bankruptcy is my next step. Any other ideas on my options would be very helpful.

@Reinaldo Giudici it is true that Fairfield, Vacaville and even parts of Vallejo are still good cities to find rental properties. I am a Realtor in Fairfield and also an investor myself. If you have any questions about this market feel free to reach out to me anytime. Good Luck!

Thanks for the response @Mitch Messer. The property is in the 30310 zip code.

I am looking to do a full rehab on a property in ATl. If anyone knows of any good contractors I will appreciate your referral.   

Thanks Todd. Yes, pleas add me. My email is [email protected]

If it is still available, my email is [email protected]

Jon, It seems as a new investor having leverage will be the better way to go. As long as I buy right.

Thanks for the help! 

You’re right Robb. Cash is king and that’s the way I’m leaning. I don’t want to use all of my cash one 1deal and not have anything in reserves to cover any unforeseen expenditures. 

Thank you for the reply Craig. Sounds like I have to make the best decision I can by analyzing the deals and living with it the decision, right? 

Can someone please help me to understand the pros and cons. Buy a home for $55k cash that cash flows or finance 2 homes for $110k total that cash flows and pay the $30k 20% down payment?