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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    Exterior Painting

    IMG_1805.JPG

    IMG_1812.JPG

    New Porch:
    IMG_1810.JPG

    Fire burnt side fixed:
    IMG_1814.JPG

    Deck: IMG_1815.JPG
     
    380, 5th Feb, 2017
    #41
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  2. RetireRich101

    RetireRich101 Well-Known Member

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    looks like a Million Dollar Listing Atlanta after the rehab..
     
    RetireRich101, 5th Feb, 2017
    #42
    380 likes this.
  3. 380

    380 Well-Known Member

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    Lounge

    IMG_1818.JPG

    Hallway

    IMG_1817.JPG

    Proposed kitchen

    IMG_1816.JPG

    Stairs:

    IMG_1821.JPG
     
    380, 5th Feb, 2017
    #43
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  4. 380

    380 Well-Known Member

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    Agreed!

    Same house in midtown will be around $600k

    Next week - internal fit outs(tiling- kitchens,etc)
     
    380, 5th Feb, 2017
    #44
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  5. 380

    380 Well-Known Member

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    Should be finalising painting shortly, this will make a massive difference once again.
     
    380, 6th Feb, 2017
    #45
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  6. Wukong

    Wukong Well-Known Member

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    Wow, very nice!
     
    Wukong, 6th Feb, 2017
    #46
    380 likes this.
  7. 380

    380 Well-Known Member

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    Kitchen now installed
    Stone/granite benchtops
    Carpet selected

    Very close to completing this project, will post photos shortly.

    This is what everyone needs in Australia, Bunnings on steroids.

    Check out this link

    Sitemap - The Home Depot
     
    380, 23rd Feb, 2017
    #47
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  8. Redwing

    Redwing Well-Known Member

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    What amazes me (other than the safety issues) is no fences in many of these areas as well, just wander across to your neighbours?

    How is it dealing with local council/county/town re: approvals etc?
     
    Redwing, 24th Feb, 2017
    #48
  9. EN710

    EN710 Well-Known Member

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    My sister told me about Home Depot before. Why can't we have them here??!

    Looking forward to see more photos :) The property look awesome so far
     
    EN710, 24th Feb, 2017
    #49
  10. Hodgo

    Hodgo Well-Known Member

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    Well done Chirag, looking awesome mate.
     
    Hodgo, 24th Feb, 2017
    #50
    380 likes this.
  11. 380

    380 Well-Known Member

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    IMG_2322.JPG IMG_2320.JPG IMG_2324.JPG IMG_2329.JPG IMG_2331.JPG IMG_2320.JPG IMG_2324.JPG IMG_2329.JPG IMG_2331.JPG
     
    380, 25th Feb, 2017
    #51
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  12. 380

    380 Well-Known Member

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    IMG_2443.JPG IMG_2446.JPG IMG_2449.JPG IMG_2449.JPG IMG_2451.JPG IMG_2456.JPG 1 week to go for completion!!!!
     
    380, 2nd Mar, 2017
    #52
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  13. 380

    380 Well-Known Member

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    Just had rental appraisal back on this one - $1150 -$1200 a month!


    Rental yeild is impressive on this one

    $1200 * 7 months = $8400 / $107500 (cost)

    =7.81%



     
    Last edited: 2nd Mar, 2017
    380, 2nd Mar, 2017
    #53
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  14. 380

    380 Well-Known Member

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    We have already had interest by someone in this area to purchase this property. Lets see how we go over the next month.

    I do like hot markets
     
    380, 3rd Mar, 2017
    #54
  15. Hodgo

    Hodgo Well-Known Member

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    Well done Chirag, I'm sooo excited to see what this goes for :):):). the pics look amazing, love that coffered ceiling and fireplace. And the rental yield, geez, amazing.

    If you were to keep that though aren't the holding costs very expensive? Plus why did you only multiply by 7 ?
     
    Hodgo, 3rd Mar, 2017
    #55
    380 likes this.
  16. 380

    380 Well-Known Member

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    I calculate 7 months only to mitigate costs ie property management, maintenance, insurance etc. This will.

    From my calculations its still positively geared at the buy/reno cost, however we would prefer to flip this property and take short term gains and move onto other projects.

    BTW we expect to achieve higher price than $140,000 fingers crossed.
     
    380, 3rd Mar, 2017
    #56
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  17. 380

    380 Well-Known Member

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    Last edited: 10th Mar, 2017
    380, 10th Mar, 2017
    #57
  18. Hodgo

    Hodgo Well-Known Member

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    Looking great mate. Is it on the market yet?
     
    Hodgo, 10th Mar, 2017
    #58
  19. 380

    380 Well-Known Member

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    Not yet- planning to have it on market by end of next week!

    Need final touch up and appliances installed!
     
    380, 10th Mar, 2017
    #59
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  20. 380

    380 Well-Known Member

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    IMG_4357.PNG


    An update on this rehab/renovation

    Property sold, 2 offers on the table.
    In US, we go Highest and Best offer.

    We sold this property for $167,500 with $2,500 (buyer towards closing/settlement costs).


    Here are the original numbers again

    Buy : $37500

    Rehab: $62500

    Closing cost: $2500

    Contingency $5000

    Selling Cost $7500

    $115K Total Cost

    PROJECTED RESALE - $140,000

    SOLD - $167,500 (+$2,500) closing/settlement costs

    ($29,500 above projected resale)

    PROFIT - $55,000 USD


    Will post the final photos shortly
     
    Last edited: 24th Apr, 2017
    380, 24th Apr, 2017
    #60
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