How did you find and structure the financing of this deal?
The acquisition financing was obtained through a Hard Money Lender (HML) from an online resource. The rehab financing was obtained through a Private Money Lender who was interested in financing the rehab.
Provide a summary of the repairs and improvements you made to the property.
This property was three (3) bedrooms, two (2) full bathrooms, and two (2) half bathrooms. We converted it to four (4) bedrooms, three (3) full bathrooms, and one (1) half bathroom. We installed all new systems, updated all bathrooms, installed a full bath and bedroom in the basement, installed stainless steel appliances, granite countertops, hardwood floors and deck.
How did you find a buyer for the property if you sold it?
The property was listed on the MLS with our Agent and was under contract in six (6) days after hitting the market. This listing received multiple offers and sold $20,000.00 dollars over the list price.
What are some of the major lessons learned that you would like to share with other students that they can learn from?
Keep tight communications with the contractors and hold them accountable for meeting the agreed schedule and timelines