Dee Willard-Ruffin Rehab Deal

 

Dee Willard-Ruffin Rehab Deal

Envisage Management Solutions, Inc in Fort Washington, MD

This property was a short sale sent to me from one of my regular agents. I offered 130k and the bank countered at 264k. That number did not make any sense at all so I recountered back to the bank with my original offer at 130k again. To everyones surprise, they accepted my offer and we closed the deal.

Rehab Details

Property City: Waldorf
Property State: MD
Purchase Price: $130,000
Repair Costs $76,231
Holding Costs: $7,576
Sale Price: $295,000

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Case Study

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

My regular private lender funded the deal


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

We gutted the kitchen and bathrooms throughout the house. We redesigned the kitchen to give it an open look. We repaired the pool and made it functional, abated the asbestos that were in the floor tiles on two levels of the house, repaired the deck, installed a brand new roof, new hardwood floors, custom tile in the bathrooms, new stainless steel appliances, installed recessed lights in the living room, kitchen and basement and put a bioblaze fireplace on the dry slate wall we built in the basement.


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

We listed the property for 279,900. The buyer was found when the property was listed on the MLS. My agent held the Open House 2 days after listing it and we received 5 offers. We ratified the contract at 305k however, the appraisal came in at 295k and it was an FHA appraisal


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

We underestimated the cost of the pool and did not have the asbestos abatement in the budget however we still did well because we purchased the house at the right price. Always build in a contingency for the unknowns.


Shout Outs & Testimonials

Huge shoutout to all the coaches I have worked with along with my good buddy Ralph Plumb for his knowledge and encouragement as I continue on this journey to build my Empire!!!




Before & After Photos