Michael Borger Rehab Deal

 

Michael Borger Rehab Deal

Oahu Home Buyers, Inc. in San Diego, CA

This was a deal I got online from a seller whose father had passed away and the bank was foreclosing on the condo. I bought the property subject to the existing mortgage, reinstated the delinquent mortgage and association dues, completed a light remodel and quickly sold the property on the open market.

Rehab Details

Property City: Honolulu
Property State: HI
Purchase Price: $187,380
Repair Costs $8,934
Holding Costs: $29,184
Sale Price: $295,000

* 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 you find and structure the financing of this deal?

The seller found my website online and contacted me to avoid a foreclosure. I bought the condo subject to the existing mortgage, reinstated both the delinquent mortgage and association dues to bring the property to good financial standing.


Provide a summary of the repairs and improvements you made to the property.

We painted the condo, installed new laminate flooring, replaced the tub and upgraded other plumbing and lighting fixtures as needed.


How did you find a buyer for the property if you sold it?

I listed the property with a flat fee, full service broker who I've worked with on many properties in the past. He quickly found the buyer who submitted a full price offer.


What are some of the major lessons learned that you would like to share with other students that they can learn from?

This was the first deal I completed without ever having visited the property. If you have the right team in place following the right systems, then you can truly outsource much of your real estate business.


Shout Outs & Testimonials

Thanks to FortuneBuilders for teaching me the systems to invest in real estate without ever seeing the property.




Before & After Photos