All Forum Posts by: Stephen Counts

@Matt Hershberger Thank you! My wife did the design and her former company Green Remodeling did the construction.

@Kevin DuBose I live in Fort Lauderdale, FL now

1437 Briarcliff

Purchased for $319K and sold for $459K. It sold quickly. We had someone put it under contract immediately. We also received a back up offer. The back up offer buyer ultimately ended buying the property.

Investment Info:

Single-family residence fix & flip investment in Atlanta.

Purchase price: $319,000
Cash invested: $50,000
Sale price: $459,000

Live, fix and flip in Druid Hills Neighborhood Atlanta Georgia. Near Virgina Highlands and Emory University.

What made you interested in investing in this type of deal?

Neighborhood and location is awesome. Also, my wife and I loved the spanish style of the home, which is unique for Atlanta.

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

When we inquired about the home the property was under contract with a first time home buyer. The property needed a ton of work and we had suspicions that the buyers that were under contract would panic and back out after getting their inspection report. We didn't put in a back up offer, but we did indicate that we were very interested and the broker called us immediately when the property fell out of contract.

How did you finance this deal?

Freddie 95% financing

How did you add value to the deal?

Gut rehab. The property was built in the 1920's and had been updated in the 1950's.

What was the outcome?

We made a 25% property level return. However, on our $65,950 combined down payment and out of pocket capital improvements we made a 1.5x multiple on our invested capital.

Lessons learned? Challenges?

We tried to include renovation costs in our loan, but the lender said we couldn't at the last hour before closing. We ended up switching lenders due to the frustration and lucky we had the cash to invest for the capital improvements.

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

I highly recommend Alex Wilkinson as a real estate professional. Without him this deal would not have been possible.

Purchased back in Mar 2011 and sold in end of 2012. The property recently sold a few years ago for $500k. I should have rented the property, but we we're moving and I rolled the profits into a new purchase.

Investment Info:

Single-family residence fix & flip investment in Tampa.

Purchase price: $185,000
Cash invested: $3,000
Sale price: $250,000

Live and flip. Purchased from a bank REO department.

What made you interested in investing in this type of deal?

Location was incredible.

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

Found it on the MLS. There wasn't much negotiating due to the seller working for a bank REO group.

How did you finance this deal?

FHA 97% LTV

How did you add value to the deal?

Mostly cosmetic. Replaced landscaping and installed sprinklers. Repainted cabinetry and all walls. Repaired sink and bath hardware.

What was the outcome?

On the overall project we made a 33% profit in less than two years. However, with the FHA loan my wife and I only put up $5,550 for the down payment and invested $3,000 into the property. This resulted in a 8x multiple on invested capital.

Lessons learned? Challenges?

We ended up paying over asking for the property. However, we new the REO department had the property undervalued.

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

Stefanos August sold the property and did an excellent job!