Michael Borger Rehab Deal

 

Michael Borger Rehab Deal

Oahu Home Buyers in San Diego, CA

This was a great deal that I got from a normal probate mail campaign. The owner had passed away and I worked with the executor toward the end of the transaction. The home needed quite the rehab and I used one of my regular GC's to make it beautiful, after which I sold it to new homeowners for a roughly $86,000 profit.

Rehab Details

Property City: Ewa Beach
Property State: HI
Purchase Price: $450,000
Repair Costs $61,058
Holding Costs: $48,029
Sale Price: $645,000

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Case Study

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

I bought this deal with a hard money lender in first position and a private lender in second position. It was very simple to put together.


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

My team installed new laminate flooring downstairs and carpet upstairs. We painted the interior, installed new granite counters and stainless steel appliances in the kitchen and new tile surrounds and fixtures in the bathrooms. A bit of landscaping cleanup finished it off and made the home beautiful and attractive.


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

I listed the property on the MLS with my regular broker. Short inventory and an attractive made this a quick sale to buyers.


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

Be patient. It took many months of negotiation and waiting to get to the finish line. The executor wanted to wait until the springtime to move to the mainland and avoid the freezing winter.


Shout Outs & Testimonials

Once again, thanks to my FortuneBuilders family for providing the systems and rehab knowledge to make this project another victory!




Before & After Photos