Archive for repairs for home before selling Atlanta

Buying and Flipping Foreclosures or Fixer Uppers in Metro Atlanta?

Posted in Home Improvement with tags , , , , , , on March 24, 2011 by HAPS

In this depressed real estate market, there are some very good deals available at very attractive pricing.  Banks are stuck holding thousands of foreclosures with declining prices leaving banks in a tough position.  Some of the best deals are houses which need repairs to get them in sellable or rentable shape.

“Aligning the stars” to get the work done is a timely task full of risks.  Using different contractors for different scopes of work can cause scheduling nightmares, extra time, he said/she said problems, and more people to deal with when problems occur.

At Home Asset Protection Services ( HAPS ) , our ability to perform multiple tasks makes us a perfect choice for a company to align with to get your investment ready for market.  We can perform just about any project needed in the Metro Atlanta market to restore the property to sellable or rentable condition.

For example, on this recent job we cleaned and caulked the roof, repaired the soffit and fascia, replaced a large window, reglazed older windows, repaired trim, removed old (molded) drywall, dryed and dehumidified basement which had flooded, eliminated mold, installed dehumidifyers, installed new sheetrock, installed a few new doors, and changed all locks.

The investor was very pleased because we were able to focus on the job and he did not have to shuffle around the schedules of other contractors.  Also, if there was a concern, the investor only had to make one call.

This project took 1 1/2 weeks to complete.  We guestimate that project would’ve taken a month if multiple contractors were used.  Also, we were able to give discounts due to opportunity to complete multiple tasks which were related, i.e. put in window while drywall mud dried, use 1 dumpster for demo of various items, etc.

FYI, investor purchased this home in July 2010, had it rented within 1 month, and received and accepted an offer to buy the house after 6 months resulting in a 25K profit.

Investor decided to sell the property; and we are working with them on the next project….an older home in foreclosure with structural concerns, drainage concerns, and many repairs to restore the house to livable condition.

If you are interested in buying distressed properties and fixing them up to sell, call 404-933-6610 to make an appointment to have our team evaluate your scope of work, make suggestions for repairs, and provide estimates to help you prepare to set pricing for sale or rent.

If you have a list of suggested repairs from an inspector, we will be glad to quote those repairs. 

Bottom line, you want to get the house ready to list as soon as possible;  and you want to minimize expense without sacrificing quality.

Here’s an example of what can go wrong:  We were involved in another foreclosure job where the investor subbed out work to various contractors.  The paint guy hired a painter off the internet who he had never even met.  The painter quit halfway through the job.  This delayed 2 days.  Then the painter (who usually should caulk before painting)….didn’t do caulking.  The painter said that we were supposed to do that part.  Later the flooring guy banged up the baseboards.  Then the plumber cut into the newly installed drywall ceiling to look for a potential leak.  The investor had to pay to get the drywall rehung, mudded, taped, sanded, skimmed, and painted.  This cost around $300 more and cost another 2 days.  By the end of the job, the investor said he would never do that again.

We’re in the business so we understand that most go for the cheapest way possible; but we also understand price doesn’t usually equate on multiple projects.   When all was said and done, the investor would’ve saved hundreds and at least 30 hr.s of headaches and missed work if he would’ve used one…or a couple at most…contractors. 

We’ll be happy to discuss your foreclosure repair scope of work if you have purchased an investment property and you are interested in getting it ready for market.  Call 404-933-6610 to speak George today.

Good luck with your investment, and good luck in achieving a strong ROI.