How did you find and structure the financing of this deal?
I used money I had in my investment account to purchase and repair the property
Provide a summary of the repairs and improvements you made to the property.
The exterior needed most of the work, new roof, windows, siding , gutters, front stoop and walkway, we also cleaned up the yard and mulched. The interior required a complete bathroom gut, new doors and trim throughout. We painted,refinished the hardwood floors and did ceramic tile in kitchen and bathroom. Cabinets and countertops were only two years old so we kept them but changed the kitchen up some by taking out some cabinets for a seating area, added an awesome backsplash, new applainces and we opened up the doorway a bit to make it more open. We tore out the paneling in the basement put up drywall, a drop ceiling, carpeting and put ceramic tile in the bar area.
How did you find a buyer for the property if you sold it?
I actually started marketing about two weeks before we were finished using social media with the header, coming soon, awesome rehabbed ranch, a gem in Joliet. I posted our open house date and we had a nice crowd, got multipy offers and a signed full price contract in five days.
What are some of the major lessons learned that you would like to share with other students that they can learn from?
This was actually our second rehab but our first one after joining Fortune Builders and starting the business. We tried to do the first one by ourselves and learned the hardway, you can't, though we did a fantastic job and sold it quick we lost a little bit in the long run. Find a good team, that is essential, we thought we had found a great team on this property but close to the end they we're no where in sight and we again finished it up ourselves. The end result was great but we held it longer than expected because we thought we had the right team. Rome wasn't built in a day so we now have new contractors and hope in the long run they are as good as they have been so far.
Shout Outs & Testimonials
If it wasn't for finding and joining Fortune Builders we would have been one and done, thinking that we were doing it right by doing it yourself just about killed us. The systems we have learned, the marketing techneques, etc. have all been an eye opener and the difference between failure and success. We still have a long way to go and a lot more to learn, but without FB we wouldn't be where we are now, on the right path to success. We would like to thank everyone in FB who helped us and a big shout out to Mel our coach who not only taught us well, encouraged us but also who had faith in us. We are doing the money dance!!