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.