It seems like every time I turn on the television, there’s discussions on cable news. Discussions about how flipping houses is a great way to make quick profits. It’d take me an hour to list all of those reality “flipping houses” shows! Well, they’re right, “flipping” houses is becoming more and more popular as the market improves. Flip deals are readily available which makes for an ideal environment for investors desiring to fix and flip houses. Therefore, this may have something to do with the current television frenzy. Flipping properties will never be easy. It takes a lot of hard work, on-going education and dedication to flip houses and turn a profit. Unlike many of those TV shows and news reports, house flipping, although seemingly simple and cliché, is not as simple as it seems! However, we’re going to do our best to simplify our processes and enable you to learn our secrets to flipping. We’re extremely excited to announce our newest project. The 8 Phases of Flipping! Over the course of the next several months, my team and I will be posting an on-going series that details our 8-phase process to flipping for 6 different Atlanta properties. Want to know the best part? It’s FREE! I am a strong believer in “teaching people to fish” rather than merely “giving them a fish”. Additionally, we are going to provide all cost numbers and even all of the Home Depot SKU’s that we used! This series will show you the 8 different phases to a flip for several of our Atlanta investment properties. You’ll have an opportunity to subscribe to our on-going blog series so that every time a new phase is completed for a specific flip, you’ll receive an email notification. This will allow you to witness the evolving transition from beginning to end. In order to illustrate the steps needed to flip houses, I’ve put together the following checklist for each of the eight phases – which simplifies what is in reality can become a very complicated process. I want to remove some of those complications! The 8 Phases of Flipping: 1. Project overview – basic info, size, location, numbers, how found property, budget, blue prints, permits, surveys 2. Demo – cost, number of dumpsters, time start to finish, crew size, landscape clean-up 3. Rough construction – framing, electrical, HVAC, plumbing 4. Exterior – window, siding, roof, decks/porches 5. Interior – drywall, trim, doors, flooring, paint 6. Kitchen– layout, cabinetry, countertops, backsplash, appliances 7. Bathroom – vanity, countertops, fixtures, tile, floor, shower, accent 8. Finished product – landscape, punch list, cleaning, branding, staging Are you as excited as I am?! To take part in this on-going educational series, please insert your email address on the right side of this page and click “subscribe” in order to subscribe to our blog! ...
Read More »
Phase One – Grant Park: Atlanta GA We’re very excited to present our first post for each of our of six Atlanta-area houses. They are all in the beginning stages of rehab. We have multiple jobs starting right now. I have done well over 200 flips and continue to do more. First, I want to discuss my favorite house of all time. A Historical Victorian House located in Grant Park in Atlanta. In a previous post, we discussed “The 8 Phases of the Flip”. Today, let’s discuss Phase 1 and 2 for the historical Victorian house. Since this is a historical rehab, there is plenty of “red tape” I want to tie-in to the second phase. PHASE 1: Project Overview – Size – 3 story, Main 2 floors over 3000 sq ft with additional 600 sq ft in usable attic. As it sits now, 4 bedroom, 5 bathroom house. Master suite includes private sitting room, 10×10 balcony overlooking historical Grant Park along with 2 original fireplaces in the sitting room and the master bedroom. The house has a formal living room, study, and dining room on the lower level. Location – As they say in real estate, “LOCATION, LOCATION, LOCATION!” This is a prime example of that. We are on a huge corner lot that overlooks the historical Grant Park and Atlanta Zoo. An extra bonus to this house is that it’s located one block away from a highly acclaimed charter school, giving the owners of the house selection into this school. Numbers – Purchase 225k, rehab 250k, sales price 750k. We had $5000 earnest money (all cash) closing immediately, no contingencies. How I found property – Through one of our local whole sellers. We bought the home within 1 hour of it hitting the market with multiple cash backup offers on the property Budget – 225-250k, finalizing final numbers with general contractor and subs Blueprints – see attached, laser drawing stage Permits – in process, historical house causes longer duration Surveys – see attached PHASE 2: Demo (part one) – Landscape cleanup – Due to this house being unoccupied for over 12 years and the fact that the people previously living there were hoarders, we had an excessive amount of cleanup as well as landscaping demo to do at this property. However, one of the reasons we skipped to Phase 2 and did the landscape demo is because this house was buried in overgrowth, as you can see in the photos. We wanted to bring this property back to life by getting the neighbors and community excited and talking about this property being restored. Therefore I can assure you, this idea for marketing works! We had well over 50 different neighbors stop by and thank us dearly for making the neighborhood better and cleaning up this property that’s been an eye sore for over a...
Read More »
We hope you’re enjoying our newest series, The 8 Phases of the Flip. This week, we’ve posted information for our second house located in the Old 4th Ward in Atlanta. Be sure to check back in weekly to watch the transformation happen! Basic Info: This historical home was built in 1920 and is currently divided into two town homes. Size: The home’s square footage is 2729sq ft, and it sits on a 6891sqft lot. The home also includes 4 bedrooms and 2 bathes. It is currently divided into two 2 bedroom/1 bath town homes. Location: Atlanta’s Old Fourth Ward neighborhood has garnered national attention as “a cradle of culinary and artistic innovation and as a symbol of gentrification.” The neighborhood is best known as the location of the Martin Luther King Jr. historical site. In 2010, Atlanta-based newspaper, “Creative Loafing” awarded the Old Fourth Ward neighborhood as “The Best Bet for the Next Hot Neighborhood.” In 2011, the neighborhood celebrated the opening of the “Historic Fourth Ward Park” and saw the kickoff of the “Ponce City Market” project. Numbers: The purchase price was $230,000 and the rehab budget is $140,000. This homes after repaired value, or ARV, is $550,000. How I found the property: I located this home through a local whole seller. We bought it from him right after he had placed it under contract. We offered him a full price offer with no contingencies and immediately closed with $5,000 in earnest money. Budget: We are looking to spend $140,000 on the rehab. This amount may be slightly adjusted depending on our final decision on the master suite. (See blueprints) ...
Read More »
We hope you’re enjoying our on-going flip series, The 8 Phases of the Flip – Atlanta. This week, we’ve posted information for our third house located in Atlanta’s East Village. Be sure to check back to watch these transformations evolve! East Atlanta Village Rebuild House Atlanta, GA 30316 We are taking the opportunity to completely tear down and rebuild this home that was originally built in 1935. Size: 3 bedroom 1 bathroom 1,151 square feet = Living Space 4,356 square feet = Lot Size Location: This diamond in the rough is located in the East Atlanta Village neighborhood. The East Atlanta neighborhood has been around since the late 1800’s and was voted as Atlanta’s Best Neighborhood for two consecutive years in 2007 and 2008. East Village is known as being a friendly, warm community and residents rave about the local Farmers Market. There’s a wide variety of food, entertainment, and coffeehouses that make East Village a peaceful and pleasant community to be a part of. Numbers: Purchase price = $108,000 Rehab/New Construction cost = $85.00/square foot Upon completion, this house will be 2,150 total square feet = roughly $182,750 to $190,000 ARV = roughly $400,000 to $420,000 How I found the property: We obtained this property from one of our real estate agents who constantly scours the MLS for houses. We have multiple agents locating deals for us. Budget: We plan on spending $85.00 per square foot which is a little on the higher side due to the premium upgrades that we plan on using. Total budget = $182,750 to $190,000 ...
Read More »
