|
The Southeastern Realty Group has a strong reputation for providing Atlanta real estate investors not only with effective investment strategies, but also with the tools to be successful. Here is the story of a recent client success:
-------------------------------------------------------------------------
|
|
Southeastern Realty Group recently had a client who was looking for an investment property in the NW Atlanta real estate market. More specifically, they were looking in Cobb County with a focus on Cumberland, Smyrna or Vinings houses. After looking at several Smyrna REOs and losing out in a bidding war for one Vinings property, they went back to work looking for others in the same area. They discovered an REO that was located on the fringe of Vinings, Smyrna and Cumberland areas, that appeared priced too low for the area. So they investigated. |
What they found surprised them. This was a 4 bedroom/4.5 bath house with a full-furnished basement, located outside of the Smyrna city limits, but only four minutes from the front door of Macy's at Cumberland Mall. All told, it was over 5100 square feet. The windowsills all along the front had rotted out to where moisture was beginning to seep into the inside, but had not yet made its way to the floor. There was what appeared to be evidence of a roof leak. There was also evidence of a broken pipe in what would have been the area behind the refrigerator had there been one. The front door needed replacing as did the foyer window located five feet over the door. The house looked ugly. But this investor was looking at a ton of potential. He immediately made an offer based on several things he had noticed:
- The hardwood flooring that covered the entire main floor was less than a couple years old, and in perfect condition
- All the damage to the windowsills and door were cosmetic, meaning not expensive
- The faulty oven was due to the oven being bad, not the wiring
- The leak in the refrigerator bay was caused by a bad seal- an easy fix
- The location meant no Smyrna property taxes and lower millage rates than Vinings real estate
In short, the house, although in an ugly condition, was structurally VERY sound, and only had cosmetic problems. The main wiring, piping, water heaters, AC and Furnace were all in good to very good shape. Through his coaching with Amy Ransdell and the Southeastern Realty Group, he learned that these problems, although ugly to look at, are relatively inexpensive to fix. So he bought the house for $295,000, which was a very low price for the Smyrna real estate market.
He then replaced the front door, added a new refrigerator, oven, washer and dryer, and replaced and painted all the windowsills. He also removed the overgrown bushes in front of the windows to allow sunlight to keep the sills dry. The main floor was painted and a small damaged area of the roof was replaced. The back of the house was repainted and six trees from the back yard were removed to allow sunlight to hit the back of the house to keep moisture down. All told, he invested $25,000 into reconditioning the Cobb County property.
The house appraised with a selling range of $479,000 - $529,000. They sold it for $489,000 for a profit of $160,000.
Make serious money like this couple! Get on the list! Be the first in the market to know about AMAZING property deals.
|
