Jaime Mayo Rehab Deal

Rehab Details

Property City: Bakersfield
Property State: CA
Purchase Price: $120,000
Repair Costs $19,083
Holding Costs: $8,900
Sale Price: $173,000

* 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?

A wholesaler approached us. We personally financed the deal.

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

This house was FILTHY! We wore masks when entering it once we owned it. After it was emptied of carpeting and what needed removing, and given a cleaning, then we had workers do the rehab. Quartz counter in the kitchen, new appliances, carpeting, paint, window coverings, showers were tiled, grount on the floors cleaned, yard cleaned out, etc.

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

We sold this house on our own without listing it on the MLS. Open houses, newspaper ad, etc. The buyer actually drove by the property one day, and contacted us. It was an investor who wanted another rental property.

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

First, DO NOT advertize a home for sale on Craigslist! Some stole our ad and photos and then proceeded to try to rent it fraudulently. They tried to break into the house, but we had a security system armed and went off when they used our key they stole from the lockbox they had broken into. We had to report the crime to the FBI because it was internet fraud. Second, don't trust your painter to install towel racks in the proper places.

Shout Outs & Testimonials

We appreciated having the systems in place that we learned from FB. You gave us confidence. This was our thrid rehab as a company.

Before & After Photos