Dee Willard-Ruffin Rehab Deal

 

Dee Willard-Ruffin Rehab Deal

Fort Washington, MD

The seller of this property contacted me through a referral of one of my former employees at the US Postal Service. This was an Estate property and the seller was extremely emotional about the sale of her deceased mom's property. We met and she liked what I presented to her. She did say she had a couple of other investors that were interested but would keep me informed. Come to find out she selected us over the other potential buyers because she felt a connection and was very appreciative of the sensitivity we had for her situation.

Rehab Details

Property City: Washington
Property State: District of Columbia
Purchase Price: $315,000
Repair Costs $143,000
Holding Costs: $48,483
Sale Price: $618,000

* These examples depicting income or earnings are NOT to be interpreted as common, typical, expected, or normal for an average student. Although we have numerous documented successful deals from our coaching students, we cannot track all of our students’ results, and therefore cannot provide a typical result. You should assume that the average person makes little to no money or could lose money as there is work and risk associated with investing in real estate. The students depicted have participated in advanced FortuneBuilders’ training and coaching. The participants shown are not paid for their stories; however, some of the students depicted may also be a FortuneBuilders' coach, and our coaches are compensated for their services. We believe in full transparency, so please read our Earnings and Income Disclaimers and Terms of Use.



Case Study

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.




Before & After Photos