Atlanta GA - Renovation No. 2

Discussion in 'Renovation & Home Improvement' started by 380, 15th Dec, 2016.

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  1. 380

    380 Well-Known Member

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    Here is our second rehab project in USA

    What : SFR - single family residence

    When: Start Dec-2016. Projected Completion: end of Feb -2017

    Where: Atlanta, Georgia US

    Why: Quick turnaround during Xmas holidays

    Project Numbers:
    Approx. numbers are as below:


    Buy : $37500

    Rehab: $62500

    Closing cost: $2500

    Contingency $5000

    Selling Cost $7500

    $115K Total Cost

    PROJECTED RESALE - $140,000
     
    Last edited: 15th Dec, 2016
    380, 15th Dec, 2016
    #1
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  2. 380

    380 Well-Known Member

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    Photos;
    IMG_20161129_152853.jpg IMG_20161129_152828.jpg IMG_20161116_170645.jpg IMG_20161116_170518.jpg IMG_20161116_170457.jpg

    IMG_20161129_152828.jpg IMG_20161116_170645.jpg IMG_20161116_170518.jpg IMG_20161116_170457.jpg
     
    Last edited: 15th Dec, 2016
    380, 15th Dec, 2016
    #2
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  3. D.T.

    D.T. Specialist Property Manager Business Member

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    Cool mate, whats the task list on this one?

    Judging by the pictures, needs some drywall, crown mouldings, hardwood flooring and a paint job?
     
    D.T., 15th Dec, 2016
    #3
  4. Player

    Player Well-Known Member

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    These look like things others aren't keen to touch. Do you have much competition? That's a crazy purchase price even if the inside is a full refurbishment. You may have found a niche tackling projects that are too much for most punters on properties that aren't as move in ready as the stuff Karina and MTR and others have invested in. By their accounts market has moved significantly since they started buying in Atlanta so harder to find value.

    How much would this rent for in your opinion @Be Developer ?
     
    Player, 15th Dec, 2016
    #4
  5. DaveM

    DaveM Well-Known Member

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    Was the car included? :D
     
    DaveM, 15th Dec, 2016
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  6. 380

    380 Well-Known Member

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    Hehehe....

    I knew some one would ask that!.

    But as predicted answer is NO

    However, we got two abandoned mustangs as part of property ;)
     
    380, 15th Dec, 2016
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  7. 380

    380 Well-Known Member

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    It has fire damage!

    Drywall..new roof.. siding and intrnal Fitout
     
    380, 15th Dec, 2016
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  8. 380

    380 Well-Known Member

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    We buying in bulk now and creating good impression with wholesellers.

    This one was a wholeseller deal.Wholeseller made $11k as an assignment fee.:confused:

    Insurance company must have sold it for penuts.

    General rule of thumb in Atlanta for rental is $900 -$1200 for 3 bedder for this sort of property!

    What MTR and karina are/were buying are buy/cos Reno n hold - I belive.

    I am more focusing on buy) build/rehab) Sold = money in bank for other projects

    Not looking to hold resi prop in US
     
    Last edited: 15th Dec, 2016
    380, 15th Dec, 2016
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  9. 380

    380 Well-Known Member

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    The model MTR was buying in 2011, was a price point of around $35k-50K with only minor cosmetics of around $10K, this price point has long gone in decent areas of Atlanta.

    The rental yields were brilliant at this time and buy and hold made sense, but entry cost today wont stack up unless you are buying multi units, this is why we are flipping and inject US$/profits back into the bigger deals that we think would be suitable to hold for growth and cash flow.

    The development projects are far more profitable than rehabs with around 40% profit on our first deal/development which I will post in the new year with plans etc.

    The idea is also to look at commercial property in Atlanta, I also plan to visit other States and currently other markets where we could buy a great deal. Texas is on the agenda due to population growth and another booming market.
     
    Last edited: 15th Dec, 2016
    380, 15th Dec, 2016
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  10. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Everytime I'm reading SFR I'm reminded of SWF and the movie :)
     
    Westminster, 15th Dec, 2016
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  11. Wukong

    Wukong Well-Known Member

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    Nice one @Be Developer, really mflying and taking it to the next level.

    @Leo2413 wanted to join in on the Atlanta fun, you guys would kill it together.
     
    Wukong, 15th Dec, 2016
    #11
  12. 380

    380 Well-Known Member

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    Video:

     
    380, 16th Dec, 2016
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  13. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Yikes quite a bit of fire damage - certainly not for the faint of heart.
     
    Westminster, 16th Dec, 2016
    #13
  14. 380

    380 Well-Known Member

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    This one required lots of work.

    The projects/rehab we secure will be very much dependent on what is available, its a hot market with lots of competition, as long as we see 20% minimum profit, good contractors we will jump in.
     
    380, 17th Dec, 2016
    #14
  15. 380

    380 Well-Known Member

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    IMG-20161219-WA0013.jpg IMG-20161219-WA0014.jpg Photo update;

    New roof is on!
     
    380, 20th Dec, 2016
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  16. 380

    380 Well-Known Member

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    380, 20th Dec, 2016
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  17. 380

    380 Well-Known Member

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    @Westminster

    Yes - at first look - it wasn't for fain hearted.

    As you can see (past 2 min in video) - house isn't as fire damaged as it looked.

    We inspected property prior to purchase and looked at bones and structure of it.

    I knew it looks bad but it is easy job.

    Now house is conditioned - it is matter of

    Electrical and plumbing rough ins
    Drywall
    Paint
    Flooring
    Fixtures

    And we are done with it.

    This rehab is easier than our 1st project!
     
    380, 20th Dec, 2016
    #17
  18. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    It's a Nathan Birch special - he loved houses a bit crispy :)

    Looking good.
     
    Westminster, 20th Dec, 2016
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  19. RetireRich101

    RetireRich101 Well-Known Member

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    Will you have your own show in 9LIFE soon? :p
     
    RetireRich101, 20th Dec, 2016
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  20. balwoges

    balwoges Well-Known Member

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    You have been watching 'Flip or Flop' 'Masters of Flip' etc :D
     
    balwoges, 21st Dec, 2016
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