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rehab DEAL

Anna Howard

A Plus Real Estate Solutions, LLC in Matthews, NC

Bought through a wholesaler, 4600 Bournewood Lane was a house built in 1983. This 4 bed, 2.5 bath, plus bonus room house had not been taken care of for over 15 years and had become an eye sore to the neighbors. Located in a very desirable school district and on one entire acre at the end of a cul-de-sac, this property had the potential to become a lovely homestead for a new family. However, it was in need of some major structural work, layout design, and cosmetic updates. The exit strategy was to rehab and resell. The renovation began with an extensive demo. Four dumpsters were required to empty the house of the left behind belongings of the previous owners, and sheet rock had to be removed to eliminate the strong stale odor of cigarettes. The wall between the kitchen and den was removed, the HVAC duct was relocated, and an engineered beam was installed in the ceiling to create an open kitchen and den space. The downstairs laundry room was relocated upstairs so that the master bathroom could be enlarged by 50% and the half bath made more functional. The wall between the downstairs master and 2nd bedroom was moved to make a more spacious master suite. Additional structural support was added to the upstairs hallway and under the new kitchen island. The kitchen was reconfigured to the new floor plan and outfitted with white shaker soft close cabinets, granite counters, subway tile back splash and stainless steel appliances. Engineered bamboo flooring was installed throughout the entire downstairs, up the stairs, and into the upstairs hallway. Carpet completed the flooring in the upstairs rooms. All the bathrooms received new fixtures, granite counters, and tiling. The master bath received a custom size tiled shower. The yard was cleared of overgrown trees and bushes, leveled, and reseeded. To take advantage of the yard, the once enclosed deck was rebuilt and left covered but open. New paint, roof, windows, mechanicals, and lighting completed the renovation. rnThe renovation took 8 months, went under contract within 48 hours of listing for 99% of the asking price, and closed a week before Christmas.rn

Rehab Details

Property City:
Charlotte
Property State:
NC
Purchase Price:
$215,000
Repair Costs:
$74,268
Sale Price:
$367,000
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Case Study

How did the FortuneBuilders team and resources help you to accomplish this deal?

This property was the first we have purchased from a local wholesaling company. Thanks to our FB training of knowing our market and how to properly analyze the data, we were able to quickly recognize this was a definite deal. We put it under contract within 2 hours of walking the property! This wholesaler's numbers had never worked for us before, but this time, we found that they made a miscalculation with the ARV. FB teaching taught us to never assume and to DO our own analysis. If we had not followed FB teachings, we probably would not have gotten this deal. Thanks to Than, Paul, JD, and Konrad for these systems! Thanks to our coaches Robynne Alexander and Dennis Cammack. Without them encouraging us to Keep on Keeping on and DOing, we might have dismissed this opportunity.

Before & After Photos