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rehab DEAL

Jon Greany

North Star Property Solutions LLC in Lafayette, CO

This is easily our favorite project (AND BIGGEST) to date. This home was listed on the MLS in a very desirable neighborhood in Boulder County where the average home price hovers just over $1,000,000. The house had been in the same family for over 70 years and after an unexpected death, it was time to sell. We were able to beat out two other investors and close in two weeks, despite offering 100k BELOW asking price. The renovation was a full gut including all new plumbing, HVAC, and electric. We also built a new garage with a carriage house. Despite zoning delays in permitting for a historic area, we were still able to complete the project in about 5 months of total work time. We pre-sold the home and as soon as we had our certificate of occupancy we were able to close and hand the keys to the new owner. But our favorite part was inviting the original owners back to the home prior to the sale to see the finished product. They were blown away by the changes!

Rehab Details

Property City:
Louisville
Property State:
CO
Purchase Price:
$650,000
Repair Costs:
$430,000
Sale Price:
$1,350,000
* These examples depicting income or earnings are NOT to be interpreted as common, typical, expected, or normal for an average student. Although we have numerous documented successful deals from our coaching students, we cannot track all of our students’ results, and therefore cannot provide a typical result. You should assume that the average person makes little to no money or could lose money as there is work and risk associated with investing in real estate. The students depicted have participated in advanced FortuneBuilders’ training and coaching. The participants shown are not paid for their stories; however, some of the students depicted may also be a FortuneBuilders' coach, and our coaches are compensated for their services. We believe in full transparency, so please read our Earnings and Income Disclaimers and Terms of Use

Case Study

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

In total, we only spent four days as technicians on this job. Additionally, we negotiated 100k off the original list price of the home and 180k off contractor bids using FB sales and negotiation techniques. We started screening contractors and seeing their work months before we found this project, so once this was under contract we knew exactly who our team would be and they knew our pay schedule, paperwork, and how to bid the job. We couldn't have imagined taking on a project of this size and scope when we bought our first little duplex in 2015. If it weren't for the systems FB has in place (and actually implementing them), this fantastic deal would've gone to someone else. It was a win-win for everyone.

Before & After Photos