Dennis Gingell Rehab Deal

 

Dennis Gingell Rehab Deal

Great Properties Solutions LLC in Pennsauken, NJ
Dennis Gingell with Dennis and Meg Gingell

The deal house was a foreclosure REO property. It took us 6 months to rehab and we received a full price offer at our first contractor and neighbor Open House. We were able to bring back the charm to this a cul-de-sac home, by creating excellent space with an open living room and family room with a picturesque window and fireplace that invites you in, creating the perfect ambiance for entertaining. Attention to detail throughout, designed by Great Properties Solutions, LLC. Elegantly remodeled eat in kitchen with stainless steel appliances and granite countertops. A roomy dining room for future memories to be created. A separate laundry room and half bath to add convenience to the home. Comfortable bedrooms with roomy closets will all help the new owner to start a new chapter with home ownership.

Rehab Details

Property City: Lindenwold
Property State: NJ
Purchase Price: $55,000
Repair Costs $67,693
Sale Price: $134,900

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Case Study

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

We financed the purchase and rehab costs through a collateral loan on our retirement savings and used credit cards and personal funds to help cover rehab materials also.


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

Total gut and replacement of Kitchen, New laminate floors and rugs, Power washed exterior with paint on trim, Gut and replacement of 1/2 bath, Painted interior, Re-plumbed entire home, Added electric lines and Fixtures, New interior and exterior doors, Cleaned, added and updated landscaping.


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

We were contacted by a real estate agent, through our vehicle magnet ad and she told us she had a client who was looking for a home just like the one we were rehabbing. We invited them to our contractor and neighbor open house and they submitted a full price offer the same day.


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

We knew going into the deal that the margins would be tight using the deal analyzer and we needed to keep the costs down during the rehab to hope for any profit. We did not make a lot on the sale of the home but we did come out ahead. Using the systems that we learned helped us accomplish the positive result.




Before & After Photos