Flip This House Casting for Upcoming Season and Investor Deals in Milton / Alpharetta
categories: Alpharetta Real Estate, Milton Real Estate
Flip This House, the show on A&E that anyone with the slightest interest in real estate or real estate investing has surly watched, is casting for the upcoming season.
They are looking for confident, charismatic, motivated and opinionated people who “flip” residential properties for a living. They want real-estate adrenaline junkies who love the high risk, high reward nature of their jobs and who are devoted to doing a great job.
But even if you have tons of charisma and a bank account to match, you still need subject properties to give you your adrenaline rush. With that in mind, in my travels around Milton and Alpharetta, I occasionally find properties that could be good flipping material for any of you looking for your fix (or flip).
Deals for Investors in Alpharetta / Milton
The best home for flipping is in Lexington Plantation, which is off Birmingham Highway, not too far from Milton High School. This area near Doris Road is characterized by estate homes and horse pastures.
Lexington Plantation itself is only one street with about eight homes on it. 
The home in question was built in 1989. I know this is a terrible picture, but believe me when I say it is absolutely huge inside, probably about 6,000 sq ft including the basement.
As it is now, it is 6 BR / 5 BA. It is on a two acre lot at the end of a cul-de-sac and has a swimming pool (that is currently covered).This house is bank-owned and has been under contract twice already only to fall through.
The first time, the lender would not underwrite because there is no certificate of occupancy. The second time, the buyer backed out once he found that the only loan he could get was going to be at 9–10%.
The reason the bank owns the house is that apparently an investor had it and quit half way through the renovation. The house is torn down to studs in many places; electrical is roughed in; the kitchen is a room with four walls waiting for a new design. From an investor’s point of view, half the work is already done.
The “after repair value of this home could easily be $800k to one million dollars, depending on how it is finished. Repairs are going to run around $150k – $200k. The list price of the home is $444,900. You do the math. The lot itself is worth the asking price.
I’m amazed this property is still available. I actually had a client offer to purchase it for $400k 
cash and the bank refused it and took a higher priced offer that ultimately fell through – that was round two.
I’m not saying the bank did the right thing, but the reason they didn’t take our cash offer then was because they had had nineteen offers the first time it went on the market. I guess they were feeling a little saucy.
I wonder if a bank has a memory and thinks back and wishes it had taken the cash two months ago?
Regardless, it is going to take cash to do this deal this time. Even if a bank is a slow learner, they know that cash (or possibly a construction loan) is all that is going to get this deal done when the house is in the condition that it is in.
Another house I’ll mention is a stucco house in Providence Lake, a neighborhood with some homes in the high $600’s. The house definitely needs work and is subject to some neglect. It needs to have the basement finished and possibly the stucco replace.
However, it is a decent sized house in a good neighborhood. It was originally priced at $510k but has been reduced to $430k after having been on the market since February.
To be as good a deal as the first house and to have as much upside, an investor would need to get it somewhere in the $300’s.
How to Get Cast on Flip This House
If you would like to help put Milton and Alpharetta on the map for the A&E viewing audience and show the nation how we flip houses southern style, send an email to fth@813casting.com. Include your contact info, bios on you and your team, and some reasons why your team should be the next to be featured on Flip This House! Teams should consist of four or more people.
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