Dee Willard-Ruffin Rehab Deal

 

Dee Willard-Ruffin Rehab Deal

Envisage Management Solutions, Inc in Fort Washington, MD

This is an ideal property in the prominent Capitol Hill area of Washington, DC. We acquired this property from an agent who knew us and knew what we do as investors. He contacted me and asked if I was interested in this property that he had. I said Yes I would love to look at it. I submitted my offer, they countered, and I submitted my Best offer. It was then accepted by the estate of the seller. We were very excited to get a property in this area. This project took 9 months to rehab

Rehab Details

Property City: Washington
Property State: DC
Purchase Price: $385,000
Repair Costs $254,084
Holding Costs: $141,337
Sale Price: $1,000,999

* These examples depicting income or earnings are NOT to be interpreted as common, typical, expected, or normal for an average student. Although we have numerous documented successful deals from our coaching students, we cannot track all of our students’ results, and therefore cannot provide a typical result. You should assume that the average person makes little to no money or could lose money as there is work and risk associated with investing in real estate. The students depicted have participated in advanced FortuneBuilders’ training and coaching. The participants shown are not paid for their stories; however, some of the students depicted may also be a FortuneBuilders' coach, and our coaches are compensated for their services. We believe in full transparency, so please read our Earnings and Income Disclaimers and Terms of Use.



Case Study

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

We contacted our favorite private lender and he funded the deal with 100% financing. (Sweet)


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

We fully gutted this property to the studs and rebuilt her with a new design. We made her 4 bedrooms, 3 full baths and 1 half bath. We added a 3rd level and created a Master suite. In addition, we gave her state of the art finishes such as cararra marble countertops, gourmet kitchen with Viking appliances, video alarm system, wifi intercom system with speakers throughout, concrete parking pad with contemporary roll down garage door, deck off the kitchen, flagstone walkway, and steam sauna shower in the Master bathroom.


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

The property was listed on the MLS and the buyer came from Hawaii.


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

We were very excited to list this property and thought for sure it would sell quickly. We made the major mistake of listing it too high and although we got many showings, no offers came in. After 30 days on the market we dropped the price substantially but still no offers. We dropped the price 3 times and the house was on the market 89 days before we received an offer. We still made a profit because we bought it at a great price however, it is important to do your research and list properties at the right price point and they will sell.


Shout Outs & Testimonials

Special shout out to the FB leaders and my local FB friend Fola Adulano for providing me with encouragement and hands on resources throughout this project. I love you all!!!




Before & After Photos