8 Phases of the Flip Series: Phases 1 and 2 – Grant Park Historical House – Atlanta
December 16, 2014
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 decade. Several of the neighbors even mentioned that they did not even know there was a house sitting there because of the landscaping being extremely unattended! Stay tuned for our next post regarding a different property in Atlanta, a brand new house!
