I have been looking for the best deal possible on brick homes in Atlanta, Ga and it has materialized. In my search for a house in the Atlanta market, I came upon this property. At the time I thought they were asking too much. Finally it was reduced by $3500. I decided to make my move. I called a realtor I saw online at 9:45 p.m. that night and ask her if she would be my real estate agent. She was shocked because I believe I woke her up from sleep. After getting her bearing, she said yes. The next day I told her about this home I was interested in. She said she would look into it and get back at me. I was excited and called my sister, who requested to know how far I was in the process of obtaining the home. I told her, I was getting ready to make an offer. She pulled it up and thought it was a great investment. My realtor called and inform me that it was under contract, and said she would send a few properties that I might be Interested in based on the budget we discussed. I was disappointed, but decided I would not give up. With the recommendation of my sister, I called the realtor requesting that she follow the pending approval sale. My realtor communicated with the listing agent and suggested a price offer. Due to their policy they had to wait until the offer fell through before putting in our offer. I had to wait five long days for word. The offer did not go through with the other buyer and the house is now mine.
It is an all cash offer, and the bank was not negotiating on the price. It was a sight unseen. Offer presented July 16, to seller.
Seller accepted July 22.
Offer presented to the bank July 23, with statement of funds.
Priority mailed earnest money of $1000, since I had a 3 day deadline.
Bank accepted July 25, giving me ten days to decide if I am satisfied with property.
Walked through property August 5, loved every bit of it.
August 6, authorized cashing of earnest cheque.
Closed on August 13,
I now own my own home.
If I can, anyone can do this.
All the best to all.
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Congratulations Sandra!
Way to go!
Thanks Tammy
I am excited.
Renovations
I began renovations on my property. There was a hole in the roof, some mold removal, did some painting (more still to be done), some cleaning, had lawn and house surrounding cleaned, gutters cleaned and tree branches cut, carpet removed, windows fixed, locks changed, security system installed, services changed (gas, electric, water), dumpster filled and removed, new appliances installed. It was a lot of work. There is still a bit more to complete before renting. Looking forward to completion day and money coming in.
congrats Sandra!
form your posts, I'm gathering this is a buy and hold that you purchased to rent?
Do you want to share the numbers? Purchase price, ARV, renovations costs, how much will rent for?
Again.. Congrats!
Val
The particulars
Hi Val,
The purchase was in cash, $63,800. Located in a residential area. It is a buy and hold. This is my primary residence that will be rented for a period of two and a half years. The rental will be $1050. The property at purchase had equity of $24k. I am expecting the repairs to bring to rental to be about $12k, at which time I will have the property appraised. Since it is an all brick structure, it was more than worth the price. It was built in 1974. Houses in the area range from $51k to $130k.
Making arrangements on cupboard doors
The last owner removed all the cupboard doors in the kitchen. It is now quite difficult to find someone to make the doors at a reasonable price. They all want to install new cabinets. I am not doing that. I am now negotiating with another guy to have the doors made. I still have to replace a set of windows, close up a wall, do some painting, install and shampoo some carpet and buy two more appliances. I am on the home stretch now and excited.
Kitchen cupboard doors
Spoke to a carpenter guy today who will be taking measurements to make my kitchen doors. I also made a detail list of what still needs to be done. May have to take a HELOC to complete the work. Everyday day I am more excited about my home. Thank you God.
Measurements Completed
The cabinet guy took the measurements. Part payment mailed out today. Waiting for next step. Have been checking on the prices of dishwashers and wall ovens. These are the last remaining items for the kitchen well together with the cupboard doors. Creeping along, but seeing the light. God is Good.
Investment Property
My son and I in June purchased our first investment property. He is excited about the process. It was purchased for 59,500., GA in good condition, minor repairs maybe about $2200. Rented now for 2 months for $1000. One of the first people to view the property rented it. We made sure that the place was in great condition for the renter.