161 Harrington Lane
161 Harrington Ln is a 4 bedroom 3 bath property in Lawrenceville, GA. Home was originally built in 1988 with a little under 2800 s.f. This was purchased from the homeowners who had purchased another home and initially held the property as a rental. Being a landlord started out well at first, but after their long term tenant left the property in need of many repairs, the homeowners contacted us to see what we would offer. We visited the property to see what repairs it needed and saw that it was mostly cosmetic and was a good candidate for us. We were able to work out a deal with the owners and put the home under contract.
This property proved that being members of Georgia Real Estate Investors Association (GaREIA), was beneficial. As we were reviewing our options for this property, it occurred to us that this property fit the criteria we had just discussed in the REI Strategies Subgroup on selling deals to hedge funds. We reached out to an agent that worked exclusively for one of the major funds in the Atlanta area, provided them with our projections, comps and repair estimates and they made us an offer. This was a win win for all parties involved. The homeowners were able to sell their property without making any repairs, we made a profit, and the investment firm acquired a property in a desirable area.