How did you find and structure the financing of this deal?
We selected a Private Lender who was ecstatic about funding the acquisition for this property. We acquired three other Private Lenders to fund half of the rehab cost and used our internal capital to fund the other half of the rehab cost.
Provide a summary of the repairs and improvements you made to the property.
The property was a 3 bedroom and 1 bath row house and we fully gutted the interior and redesigned it to become a 4 bedroom and 3 1/2 baths with a deck off of the kitchen leading down to a rear entrance. We moved the kitchen from the side of the house to the rear of the house. We installed stainless steel Samsung appliances along with a wine cooler and hood range. We installed Carrera Marble countertops, glass backsplash, wine cabinet to enhance the white urban style kitchen cabinets with under cabinet lighting. We designed the house to have recessed lights throughout, tray ceilings with crown molding, new solid hardwood floors on the first two levels, two panel doors throughout, and a wet bar in the basement. We added a full bath upstairs and designed the house to increase the size of the master bedroom to include a master bathroom. We added a new roof and a six foot wood fence in the rear to enclose the back yard.
How did you find a buyer for the property if you sold it?
The property was listed with our Agent on the MLS. We had two open houses and a lot of interest. The house was on the market for 26 days and we closed 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?
When you are doing a major rehab that requires architectural drawings, some times adjustments need to be made in the field due to unforeseen things that are found behind the walls after demo. It is of utmost importance that communication between your contractor and yourself is on point to ensure no time is wasted and decisions are made quickly so the project stays on schedule. One thing that we do proactively is have all drawings done prior to closing and building permit in hand so that the day after closing, the demo starts.