Anna Howard
A Plus Real Estate Solutions, LLC
in Matthews, NC
Anna Howard with David Howard
Built in 1950, this 3 bed/1 bath, 1292 sq ft cottage was a rental. The tired landlords were motivated sellers with tenants 2 months behind in rent. We originally purchased this home to be our first rental in the town of Albemarle, NC. This house had good bones and was in need of a $12,000 cosmetic renovation to begin earning $625 a month. As we began the renovation and learned more about the Albemarle market, we realized the potential for earning a larger ROI with the addition of a second bathroom. We decided to change our exit strategy from a buy and hold to a rehab. We increased the renovation budget by $25,000, found a PML to fund this, and proceeded to renovate the entire house. We added a second bathroom to create a master suite, renovated the entire kitchen, created a laundry closet, opened doorways, refinished existing hardwoods, and added a front entry porch. We even converted the home to city sewer. We ended up listing this home right before Christmas. (Not a good time of year) BUT... Within 48 hours, the home went under contract for 2K over the asking price of $113,900. An ROI of 31%!
Rehab Details
Property City:
Albemarle
Property State:
NC
Purchase Price:
$30,000
Repair Costs:
$43,565
Sale Price:
$115,900
Case Study
How did the FortuneBuilders team and resources help you to accomplish this deal?
We would not have had gotten this deal if we did not follow the Wholesale Bootcamp's advice to always have Credibility Packets together and to talk with everyone about what we do. We were looking at the duplex across the street from 322 Peachtree when we struck up a conversation with the handyman working on the duplex. When he found out what we did, he immediately mentioned the owners of the property across the street. We gave him our Credibility Packet and our business card. Within 3 hours we had a call from the motivated sellers and within a week, we had the property under contract!rnCommercial Academy inspired us to begin looking at duplexes and rental properties. We liked the CAP rate associated with this deal. Because of FB teachings we kept in mind all of the exit strategies and kept re-evaluating the market for the best path forward. Keeping an open mind and deciding to change our exit strategy, gave us a result that we liked better.rnA big thank you to our two major coaches, Robynne Alexander and Dennis Cammack. They cheered us on and pushed us out of our comfort zone so that we would not be afraid of taking chances on ourselves!
