Tan Pham
TT&T Homes LLC
in Richmond, VA
Tan Pham with Trang Pham
We found this deal through Networking only 1 month after joining Mastery. From Day 1, we went through the curriculum and took actions. So I went out and started building my external team. I met with a few real estate agents, contractors, and potential cash buyers. One agent got this deal in an email from a local wholesaler and thought of me. I showed up at the property the same day with my contractor friend to estimate. We signed the contract to buy it the same day. Later I found out my contractor friend was using somebody else's license and had to fire him. He also gave me the wrong repair estimate, which made it NOT A DEAL no more. He told us $40,000 (for a full gut) estimate in repairs which were never true even if I was doing the work myself. We funded the deal with an HML.rnAfter a lot of challenges, we managed to get to the finish line in 9 months. rnrn
Rehab Details
Property City:
Richmond
Property State:
VA
Purchase Price:
$72,000
Repair Costs:
$110,000
Sale Price:
$229,950
Case Study
How did the FortuneBuilders team and resources help you to accomplish this deal?
Lots of lessons learned. Met good and bad contractors. The deal was unprofitable, but it taught us a lot. If you are reading this and you are new to Real Estate just like we were, follow the system. Don't even try to stray from the system we are provided with within Fortune Builders. The system protects you as an investor. If the deal analyzer says no, it is a NO! rnrnAlways accounting for a contingency when estimating repairs (especially when you are new). rnrnDuring the project, we oftentimes became frustrated because of the unexpected setbacks. Things were not always exactly what we had planned. We were lucky enough to have guidance and advice from our coaches. Shout out to JoAnna Anderson. She was so so helpful when it comes to local contacts and advice. Going to Boot Camp Summit to meet like-minded individuals also increased our confidence and helped us focus on our goal.rnrnLooking back at before this project, we would never have thought we could go this far. We completed our first full-gut flip and still alive. Thank you Fortune Builders! We are stoked!!rnrn
