We started looking to buy another investment property that we could actually live in and call home for a while back in January. We focused our hunt on downtown Marietta and quickly our agent found a house that was going into foreclosure. We waited. And waited. We saw it monthly and low and behold in April it finally hit the market. Our offer went in within 30 minutes of the house going on the market. We thought we had it- until we found out 7 other families put an offer on it the same day. So, it entered a bidding war. I was ready to walk because I did NOT feel like going into all of that, but Tim was just getting geared up! Everyone had to submit their offers blindly without knowing anyone elses offer. It seemed so crazy and risky to me, we both wanted to come in really low because the whole point was to get the house for crazy cheap. It was listed at 99k. We ultimately #1. Prayed, no seriously. #2. Decided most people would go over 5-10k and #3. Just flat out got lucky- we went with my birthday of 1-14 at 114k and won. We were unbelievably thrilled. So, bidding war? Can’t say I wouldn’t do it again, but holy moly it is stressful. Here are our stats for the house.
Investment: 114k
Renovations: 10k– that’s right, that is our goal this time. We were able to do Nellie Mae and it’s entirety for 20k so we think we can do a pretty great cosmetic only high end renovation for 10k. And remember- that is doing EVERYTHING ourselves and the work our sweet family and friends help us do too =)
Equity– Well, trying to put a number on what anything is worth right now in the current market is a joke. But, the public records have the house valued at 199k and we think in a renovated condition in a good market it could sell for between $210k to $250k.
We feel extremely blessed and that the Lord hand picked this home for us, we are humbled to get to do what we love again.
*** Update. We sold our beloved Hope Street on 4/1/19 for $445k. We enjoyed 8 years in this home and had built an addition and basement you will see in the after photos. With our kids completing a highly coveted real estate area because of the elementary school, it was the perfect time to flip this house. With a purchase price of $99k, we put approximately $115 into the house acting as our own general contractor and doing as much as we could and yielded a profit of around $230k.
The Nellie Mae Project 