Flipping Houses in Atlanta - Major Rehabs (3/3)

These series on flipping houses in Atlanta is about the different types of rehabbing and flipping opportunities you can find in this great city. In the first post I talked about the suburban areas located outside the Perimeter. The second part was about the opportunities within the City.

I did not go into the details of flipping in the suburbs because I have tons of that in the Flip That House page. In this post I wanted to go over a full rehab project in the City.

In the previous post I talked about Aaron McGinnis** and the rehab projects he does in the city. So for this post I wanted to go into detail on one of his projects.

Recently he bought this property for $74k in the East Lake part of town: 

Flipping Houses in Atlanta - Flipping in the City (2/3)

In the first part of this series  I talked about the predictability and uniformity that you find in the suburban areas of Atlanta or outside of the Perimeter. On this post I will show you the difference when investing in properties located mostly “In Town” or inside the Perimeter and it is one interesting way of making a living…

I say this because it requires you to be in tune with what is going on. Single family homes in this area are grouped into neighborhoods instead of subdivisions like the previous category. This makes a big difference...

When dealing with neighborhoods you now have history (think Martin Luther King, etc.), culture, plenty of social interactions, accessibility options (you can walk to places) and many other issues that are unique to life within the city.

All of this and more make for a very diverse real estate market where you can have a $300k, 2,000sft. completely remodeled house sitting right next (and I mean right beside) to a $50k, 1,100sft. shack from 1962!
 
To better illustrate, these videos show you one such property. Aaron McGinnis* is an active investor and general contractor in Atlanta who has helped me rehab House #7 and House #8. He just bought this property and is getting ready to tear it down and start all over again:

Flipping Houses in Atlanta (1/3)

Atlanta Real Estate Investing

Flipping houses in Atlanta can be a very diverse business, just like the city itself. In the years that I have been investing in real estate and flipping houses myself I have gotten to know and see the work of different "flippers". This has given me the opportunity to learn about the different markets within this city.

The cool thing about this is that I have learned that in this city you can make money in real estate in 100 different ways...

Atlanta is a city of 5 million and although Atlanta, the City, is a definite area inside of what we locals call "The Perimeter" (the area inside I-285 loop), the Atlanta metro area consists of 13 counties! Bottom line is, it's a huge city which is why there are so many micro-markets within it.

February 2012 Update - Looking For The Next Real Estate Investment

The new year is well upon me and the plans have been made and goals have been set. First and foremost I started the year just right because we managed to get House #8 under contract and we just closed on the sale last week…yipeee! I will have all the juicy details on what it took to get that house sold and all the financials on it very soon, really ;-)

For 2012 I am shifting my focus from flipping properties to acquiring 1 or 2 good properties that I can hold as rentals. I still plan to flip at least 1 or 2 houses but the main goal right now is to find me a rental house. With that being said the last two months I have been looking for the next property and submitting a lot of offers.

Right now I have looked or should I say evaluated about 50 houses and submitted about 30 offers year to date. To some real estate investors that might not sound like much and to others it might sound like a lot. But considering a full time job, other projects including this website and of course the all-important family-life balance this has been pretty challenging for me.