How did you find and structure the financing of this deal?
We found a lender off of a website who only funded the acquisition portion of deal and our team funded the rehab portion.
Provide a summary of the repairs and improvements you made to the property.
We redesigned the house and relocated the kitchen to the back providing an open floor plan. This was a 2 bedroom house with a basement. We opened up the old addition in the Master bedroom and added a master bathroom. We added a bedroom to the downstairs basement area by using the existing old addition area. We converted the half bath in the basement to a full bathroom. We put nice, sleek, modern finishes in the property and added a deck. We spent approximately 85,000 to rehab this project.
How did you find a buyer for the property if you sold it?
We listed the property with an agent familiar with the area and knowing what buyers really wanted for their property. We had two open houses and multiple traffic of showings. The buyer came to both open houses. The house was listed only 11 days before we ratified the contract. The buyer was rock solid and we went to closing on this deal in three weeks after ratification
What are some of the major lessons learned that you would like to share with other students that they can learn from?
We had multiple contractor issues on this property which caused us to spend more money on this project than we originally budgeted for. We had to fire and rehire 2 sets of contractors. Even with using the critical documents from Fortune Builders, sometimes you still get some bad contractors. Continue to interview contractors just in case you have to call on them as a backup plan and you wont be scrambling to find someone to get the job completed properly.