My wife Belen found the house via our MLS key-word search. This home was listed for $185k we purchased it for $166k. We funded the deal with our commercial line of credit. The house was in decent condition, but needed updating, a few walls removed and indoor laundry. We did a complete rehab except for the master and hall bathrooms which we only needed updating. Unfortunately, this home needed a complete pool remodel and a new electrical panel, we got our permits and started the project. Fortunately, we were able to add 132 sq ft by punching through a wall into the existing laundry room that also had bathroom plumbing. This turned the home into 3 bed 2.5 bathroom @ 1341 sq ft vs. the existing 1209sq ft 3/2. The home turned out great and we sold it right away. We listed it on 2-9-18 and closed it on 3-6-18, 25 days from the listing date. Our sales price was $265,000 which was just over our asking price of $258,900.
How did the FortuneBuilders team and resources help you to accomplish this deal?
The key to this deal working for us came from a strategy we adopted after going to the Office Systems Academy. We learned that the inspection on a property can be our best friend and save us THOUSANDS! We made an initial offer that was close to the sellers asking price and ended up working the seller down for $185,000 to $166,000. This gave us $19,000 of breathing room and or the opportunity for a bigger profit.