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!!!