Dee Willard-Ruffin Rehab Deal

 

Dee Willard-Ruffin Rehab Deal

Envisage Management Solutions, Inc in Fort Washington, MD

It pays to be friendly. This project was acquired through my direct contact with the seller of the estate whose family member lived 3 houses down from the property I was currently rehabbing. When I found out it was available to purchase, I immediately submitted my offer. It was rejected and someone else got the ratified contract. I was devastated but still remained friendly when I saw the sellers of the estate. However, when the deal fell through from the other investor, they contacted us to save the deal just because we had been friendly. There were 21 other investors who wanted this property and I only had 10 days to get this deal closed but we Did it!!! And for the same Price of my original rejected offer. We now had 2 houses on the same Block

Rehab Details

Property City: Washington
Property State: DC
Purchase Price: $425,000
Repair Costs $259,525
Holding Costs: $241,386
Sale Price: $1,100,000

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Case Study

How did you find and structure the financing of this deal?

I contacted my Private lender and informed him that I needed to close this deal in 10 days. He was able to make it happen. We purchased the property and he provided 100% financing.


Provide a summary of the repairs and improvements you made to the property.

This project was almost identical to the house we were rehabbing 3 doors down from it. So, we did almost the same improvements. We fully gutted this house down to the studs, added a 3rd level for a Master Suite, eliminated the dogleg to make a larger kitchen, added a family room to the back, all new systems, hardwood floors, marble countertops, intercom system with wifi music throughout, wetbar on the 3rd level, video alarm system, chandelier in the turret (sizzle feature), upgraded appliances and a full gourmet kitchen with a pot filler.


How did you find a buyer for the property if you sold it?

This property was listed on the MLS and under contract in 4 days over asking price.


What are some of the major lessons learned that you would like to share with other students that they can learn from?

This rehab took a little bit longer because it took 5 months longer to get the permit back from the city for the 3rd level addition. We felt the pinch a little because we did not plan for the permit to take this long especially since the house we were doing 3 doors down from this one only took 5 weeks to get that 3rd floor permit. However, we still prevailed because we bought at the RIGHT price. Always be mindful that time lines aren’t guaranteed and purchase at the RIGHT price to eliminate painful losses.


Shout Outs & Testimonials

Huge shout out to JD Esajian for providing the rehab tools and knowledge necessary to perform Large Rehab jobs. Thank you my friend!!!




Before & After Photos