Michael Borger Rehab Deal

 

Michael Borger Rehab Deal

Oahu Home Buyers, Inc. in San Diego, CA

I received this lead from my website. The seller was leaving Hawaii for the mainland and wanted to quickly cash out of her townhouse with minimal fuss. We negotiated a price after which I immediately got to work on the rehab which largely included a new kitchen, flooring and some bath upgrades. The townhouse is in a hot area so we got our full asking price quickly after going to market with our broker.

Rehab Details

Property City: Ewa Beach
Property State: HI
Purchase Price: $300,000
Repair Costs $30,645
Holding Costs: $43,525
Sale Price: $430,000

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Case Study

How did you find and structure the financing of this deal?

This lead came via my website which ranks well in search results. I had initially wanted to purchase this property via subject-to terms, but the seller preferred a full cash out instead. I used a hard money lender in first position and a junior lender in second to fund this deal 100%.


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

This renovation was a modest cosmetic project. I repainted the interior, upgraded all of the bathroom fixtures and installed new laminate, carpet and tile flooring throughout. I also replaced the kitchen counter tops with granite, fans in each room, lighting fixtures and added a new stainless steel appliance set.


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

I listed the property with my regular flat-fee broker that I've worked with many times in the past. I had the property staged and my broker had professional photos taken for the MLS. We had a full price offer within days of the listing going active.


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

If your market is hot, you may not need to complete a full-scale renovation. I knew that I didn't need to gut the bathrooms -- a professional cleaning and fixture upgrades would be enough. I also didn't replace the kitchen cabinets -- I just cleaned them instead while upgrading the counters, fixtures and appliances.


Shout Outs & Testimonials

This is a systems win. While this property is in Ewa Beach, I reside in San Diego. I had never walked into this property until after it was already in escrow with a buyer. Having the systems from FortuneBuilders allows me to make money in real estate while staying focused on entrepreneurial tasks.




Before & After Photos