At a local REIA meet-up, we met a Realtor who has provided us several leads. We reviewed, comped and made an offer on this property. After weeks of negotiation, we went under contract. We purchased the property for $655,000. We did a double close and sold it to a fellow FortuneBuilder who partnered with an experienced FortuneBuilder (our partner/mentor on our first deal) for his first deal. We sold it for $710,000, making a nice profit. The expected cost of repairs is $150,000, with a conservative ARV of 1.1mil. A Win/Win for everyone!
How did the FortuneBuilders team and resources help you to accomplish this deal?
We used FortuneBuilders Coaches and mentors throughout the process. We implemented the systems we have learned. We sold to fellow FortuneBuilders. As a side note, when driving the comps we found another property just back on the market after falling out. We put it under contract and closed on it 2 days after our double close. 4 months after joining FortuneBuilders we are committed to the systems. By following the system we found another property that we are rehabbing. We got gap funds from one of our buyers on the first property to complete the purchase of the second property! Lets keep it all in the family!