All Forum Posts by: Sara C.

@Kevin Polite thank you! This one is in North Decatur, in the Northlake area. 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $235,000
Cash invested: $40,000
Sale price: $322,000

My first true fix and flip. Found this home off market through a letter—it was a tired landlord and her last tenant had just moved out. Cosmetic updates only—was a great first project. Nice class A/B neighborhood. Profited ~$20,000 in the end (with commissions, holding costs and closing costs)—which I consider excellent considering how much I learned.

How did you find this deal and how did you negotiate it?

I found this off-market and did all the negotiating with the seller. I was driving the neighborhood and saw trash and furniture at the street—it was clear someone had just moved out, so I left a letter. The owner was ready to sell, retire and live off the proceeds of the sale.

I used my realtor at the time (I am now licensed) transactionally to draft the contract for us.

How did you finance this deal?

I took out a HELOC on my personal residence to fund the downpayment for conventional financing and renovation costs.

How did you add value to the deal?

New kitchen, 2 new baths, paint, refinishing hardwoods, new fixtures, curb appeal.

Lessons learned? Challenges?

I wish I had bought lower. It really is true, that you "make your money when you buy."

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

If you're in the Atlanta area, I work with the Moore Team @ Fairway Independent Mortgage—very investor friendly. DM me for more information if you'd like a connection.

Appreciate everyone's input so much! I'll keep you updated! 

Also, I realize now I was using the term "notice" too casually in this thread. She has been given 30 days officially.

Thanks all!

@Lynn McGeein yep good point. That was my original thought as well. Although I do think an investor would be able to do ok here. Here's some background info on the house on an old thread. This was our personal home at one point... I didn't buy it to intentionally invest at the time. 

@Thomas S. I'm happy to give you all up-votes. Doing it now. We're all on the same team here! 

Appreciate everyone's help, seriously!

Thanks! @Bjorik Mutize good point about setting up the next buying for success! 

@Steve Hall long story as to my "why" for selling it, but it's never been a good investment for me and I'd like to put my money elsewhere. Thanks for your input!

@Theresa Harris thank you! I think you're right... this seems to be the consensus. 

@Thomas S. I don't see how I created a big problem. I'm open to ideas on how you would have handled it differently. Seems like selling it with her in place is a good option. 

Hi BP friends!

I'm planning on selling a rental this summer. I have a long-term, stable tenant. Her lease was up in January, which is when I originally wanted to sell, but she asked if she could stay until the end of May so her grandson could finish out the school year. So, here we are in May, and she's had over 7 months of notice. 

She isn't being hostile or anything of that nature, but simply is having a hard time finding a new place. She's older and has trouble navigating digital application systems, but honestly I don't know how hard she's trying. I do not want to delay listing the house any longer. 

So, my questions:

• Should I go ahead and list with her living there? (background.. I'm going to list 'as-is' at a competitive price, so investors may very well be interested.)
• Do I personally help find her a place (I'm a realtor, so it's not too crazy of a thing for me to do)?
• Other options? 

I really don't want to get into an eviction or negative situation. She's been a really easy, paying tenant, but it's time for her to go. 

@Edgar Butler Jr yep you are correct! 

@Edgar Butler Jr After I purchased the properties using conventional financing the rest was typical for the process. We rehabbed using our own cash, put tenants in place, and then refinanced at 75% of the ARV. So, there are 2 sets of closing costs—but we worked those into our numbers and made sure they were covered (mostly). For both, I've had to leave about 10-15K in each deal, which I'm comfortable with.

Not a wholesaler but I've been using Window World. They've been the most cost effective I've been able to found. Pretty sure they're nation-wide.