How did you find and structure the financing of this deal?
We worked with a private investor we've had a good ongoing relationship with. We had set rates when we first met them and were able to finance the entire deal through them with simple interest at a great rate.
Provide a summary of the repairs and improvements you made to the property.
The home came to us almost completely gutted. We cleaned it out, moved a couple walls around to improve the flow of the home, added a master suite and finished the basement. The basement actually involved widening the staircase to make it all work but was absolutely worth it in the end. We did some landscaping and exterior updates and paint. The whole house is practically new.
How did you find a buyer for the property if you sold it?
We listed it on the MLS with our in-house agent during November. We didn't see much action in the first two weeks and did a price drop. After three weeks on the market, we had the home under contract.
What are some of the major lessons learned that you would like to share with other students that they can learn from?
We worked with a new contractor on this deal who told us his wife did design. We (stupidly) decided to let him run with it given a specific budget and found ourselves having to clean up the mess. Many design choices were definitely not what we would have gone with and the quality wasn't near what we would accept. We've learned to keep all design in-house and not let the contractor have near as much control.
Shout Outs & Testimonials
Shout out to the entire Fortune Builders staff and everybody in the Atlanta Mastery group. We've learned so much since we've been a part of this family and are incredibly fortunate and thrilled to see what the future has instore for us.