The Seller called our phone number from one of our bandit signs. I spoke with her for about a half hour building rapport and learning her concerns and needs to sell. I made arrangements to see the home the next day. From our initial conversation, I learned that she loves milk and Oreos, so I brought some to her when we came to look at the house. She was surprised and also thankful for the simple, yet thoughtful gift. Our Seller had another offer, and ours was not the highest. As a matter of fact, the other offer was $3000 more than ours. She CHOSE to sell her house to us because she 'liked me better.' After I put the house under contract, I reached out to Scott and Kathleen Daniels, whom we met at the 3-Day Event when we joined Mastery to ask if they would like to fund this deal. They approved the deal and agreed to finance the deal entirely as a Joint Venture in exchange to receive 50% of the profit once the house sells after rehab. The house was originally a 3 bed/2 bath home. This home had an incredibly inefficient floor plan; walking through the home felt like walking through a maze! The home was 2016 SF, and had two kitchens and three hallways as well. Therefore, we had to revamp the entire floor plan. Shortly thereafter, this house was completely transformed into a 4 bed/2 bath home (to include a master suite) with an open concept living room, dining room, and kitchen, first floor laundry, only one hallway, and an absolutely stunning entryway. A new floor plan meant new walls, paint, all new floors, ductwork, baseboard and trim, all new kitchen, two completely new baths, and new furnace and AC. An exterior door was eliminated to accommodate the new floor plan. As a result, we had to put new siding on house, paint the three porches, and to finish it all off: a new roof. Of course, we had some simple landscaping done, re-graveled the driveway, re-sloped the ground to guide water away from the home, and demolished a dilapidated barn. We completed the rehab, put the house on the market with a knowledgeable and trusted agent and it sold in only 22 days--which is a big deal for January in Western PA! The transformation is truly remarkable, and I could not be more proud of the relationships we made, the experience, and the lessons learned. I cannot wait to find our next property!
How did the FortuneBuilders team and resources help you to accomplish this deal?
Through Fortune Builders, we met our Joint Venture partners who funded our very first deal and also provided guidance from their own experiences. We leveraged Fortune Builders Core Curriculum and gained knowledge and experience through coaching calls, webinars, and reference documents found in the Resources section of the website. I also found advice and ideas through the Fortune Builders Facebook page. Seeing the successes and wins of the other Students was inspiring and motivating.