All Forum Posts by: Trey Pope

Thanks guys.   I agree about the pics.  We had them professionally done but they aren’t great.  The staging is actually a home manager and while it helps having someone in the home the furniture staging is average.  Redoing the pics is easy.  The staging not so much.  

Hi,

I have a rehab I have finished in Atlanta (Sandy Springs) that I am having trouble selling.....This is my 13th flip but my other 12 were much smaller and were more starter homes in Gainesville, Georgia. ($100-$300K)   I live in Atlanta and this house in Sandy Springs was a pocket listing which I bought for $780K. I have done a full interior rehab along with some minor outside work. The house is large at around 8000 SF not including basement.  I made a rookie mistake and spent too much on the rehab as the house was so big more issues popped up than I had planned on....I am all in at around $1.35MM......High end neighborhood in the Buckhead/Sandy Springs area which is really hot now plus it is in the middle of the spring market........I have an agent who works the area but we made another rookie mistake and priced it too high when we came out (1.725MM)....After a couple of price drops we are at $1.575 which is  the price area where the comps support it I think..........We do not seem to be getting many showings (maybe 1-2 week).......This would usually tell me that the price is too high still but in this case I do not believe it is or at least not by much...........I have other deals in the works but I am hung up on this one and I am frustrated that in a hot spring market in the premier part of Atlanta I can't get a bite......I have probably left out some details but please any advice/suggestions I would really appreciate.......Sometimes this business can be humbling :)

Address is 590 Widgeon Lane, Atlanta, Ga 30327...........Sorry dont know how to insert link........THX   Trey

I would recommend it as well..... I would also suggest you pick up J Scott's two books....Marty's book and J Scott's books really explain the whole business model of flipping very well with good examples from their different markets....

I work full time in chemical sales as well as have a side business in which i have a crew who does repair work for utility companies. I am currently on my third house flip. Sales is a good job if you want to do real estate on the side as usually your schedule is flexible. I am working on setting up systems with the flips where everything is pretty similar on each project......Same paint colors, appliances, flooring etc for each house...I have one person who I can fully trust to act as a project manager to deal with contractors and can be on site when I am out of town.....I would like to scale the flip business and I plan on getting my wife involved in the business by the end of the year.....I can probably handle 4 flips a year by myself but to do more than that I would either have to go full time into RE or get my wife up to speed on the process.......

Hey Ty, Thanks for the reply...Congrats on 2 new deals...Let us know how they come out...I am looking for a couple of new ones myself...

Hey Ryan, been working in Gainesville Ga which is about 45 minutes north of Atlanta.

I have completed the rehab of my second house and have it under contract. I bought the house in Feb and was hoping for a three week rehab and had a budget of 5-6K. Instead it took two months and cost me around 14K....the issue I ran into was using handyman contractors vs licensed contractors. On my first rehab I used a three man crew who work for me in another business doing repair and painting for utility companies. These guys are extremely handy and can do pretty much anything. They are smart about expenses and they did a great job on my first deal..(it was mainly a cosmetic flip). The first deal went so smooth that I decided to use them on my second job......the problem was that because of lack of experience with rehab jobs they did not always have the correct tools and they were extremely slow. They also were not up on the latest building codes and so I ended up having to do a lot of things twice example, they installed a new hot water heater but did not put an expansion valve on it and did not know the new code was for the heater to be 18 inches off the ground if in a basement. I ended up bringing in licensed guys and I basically rehabbed this house twice......I know there is a learning curve with this business so I chalk it up to a lesson learned. I will use both handymen and licensed people in the future but I will be more aware on which is best suited for which job. All in all I got bailed out by a tight market and made around 25% on the flip..........I have learned this lesson and applied it on my third house which will be complete and on the market in a couple of weeks.......now if I can just find more inventory but that is for another post......

Looking forward to it!

Thanks all for warm welcome!

Hi, my name is Trey Pope and I live in Atlanta, Georgia. I got into real estate in a round about way in the summer of 2012. I have a couple of companies, one of which is a company that does repair and painting for utility companies in their substations. That work is seasonal and has been slow for the past year so I decided to buy a REO property and have my three man crew rehab it for me. I had so much fun doing it I have just bought 2 more bank owned houses and I am in the middle of the renovations. I knew there was a learning curve and I expected to screw some things up on the the first one which ofcourse I did! (The main mistake was pricing the house too high and coming down to slow.) With a little help from studying J Scott's wonderful site I soon corrected that mistake, sold the house and made a profit......Anyway, I am thrilled to be a member and I look forward to actively participating. I am enjoying the process so much it is nice to have a place to discuss with people of similar interests.....Best, Trey