Dee Willard-Ruffin Rehab Deal

 

Dee Willard-Ruffin Rehab Deal

Fort Washington, MD
Dee Willard-Ruffin with Eric Goetz

The seller of this property contacted me via the Bandit Signs campaign. He wanted to sell his deceased parents house. His father had started to try and rehab the house but after he fell ill, it was never completed. This house had been in their family for a 100 years and held a great sentimental value. This property needed alot of work but was located in a desirable area of Washington DC. I met with the seller and negotiated a price. He did not accept my offer right away but contacted me a few days later and indicated that after receiving other offers that was higher than mine, he was led by a Higher Power to contact me. He told me if I could raise my offer a little bit higher, I could have the house. I said Yes. We met and signed the contract

Rehab Details

Property City: Washington
Property State: District of Columbia
Purchase Price: $340,000
Repair Costs $250,000
Holding Costs: $97,000
Sale Price: $1,025,000

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Case Study

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

I posted this deal on the Fortune Builders Mastery Facebook. I was contacted by several investors who wanted me to wholesale this property to them. I was then contacted by another Mastery Student, Eric Goetz who was interested in funding the deal and establish a Partnership. We decided to do just that and Blue Star Properties Group, LLC was formed.


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

This property was totally reconfigured. It was fully gutted. We added a 25 ft addition for all 3 levels, excavated the front and back to add a separate entrance thereby making a 2 unit dwelling. We added a Gourmet Kitchen, provided an Open Floor Plan, added Tray ceilings with Lighting, 5 Panel interior doors, high end Kitchen Aid appliances with a Hood Range and Wine Cooler, a State of the Art Master Suite was added with the ability for the buyer to add a separate deck off of the bedroom, Distressed Hardwood flooring on top 2 levels, French doors leading to the deck off of the Family room, Washer/Dryer in both units, Recessed lighting throughout, 2 Skylights, a one Car Garage, Carerra Marble in the Master Bathroom and both Kitchens, and increased the square footage to 2900 sqft.


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

This property was listed on the MLS in December 2013 and had a Ratified contract in 5 days. There were multiple offers submitted for this property and it sold over list price.


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

Because this house was in an Historic District, it is imperative to know all the rules and regulations of the neighborhood. Also, keep tight contractor schedules and hold them accountable to ensure timeliness.




Before & After Photos