Andrew Mcveigh Rehab Deal


Andrew Mcveigh Rehab Deal

Grasmere Property SolutionsLLC in Valatie, NY
Andrew Mcveigh with Amy & Andrew Mceigh

The Built in 1990, it had not been touched. There was extensive damage house was a foreclosure. It had been empty for more than one year. there was extensive interior damage due to burst pipes, creating falling ceilings, damaged wood floors and mold. We purchased it through a realtor. We found a good contractor and began the rehab. Amy did all of the selection of paint, fixtures, appliances, tile and flooring. She also staged the property. We got rave reviews from prospective purchasers and realtors about the rehab. Property was a 3 bed, 3 bath property of 1740 sq ft on 0.3 acres in a town in the Hudson Valley about 55 miles north of NYC.

Rehab Details

Property City: Newburgh
Property State: NY
Purchase Price: $113,000
Repair Costs $68,000
Holding Costs: $43,000
Sale Price: $240,000

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Case Study

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

We totally self-financed the deal.

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

Almost everything was new. This includes new wood deck, new entry steps and entry door. We gutted and replaced all the baths and the kitchen. New roof and new asphalt driveway as well as new garage doors were installed. New lighting was put inside and outside the house. New baseboard heating pipes were done as well. Mold was removed and new drywall placed throughout the house. Essentially only the outside shell was kept.

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

We finally had a good realtor who aggressively marketed the and we sold for asking price. The buyer was the third person to place it under contract. The previous two fell through because of buyer financing issues.

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

Selection of a realtor on the listing side is very important. Our original realtor on the purchase left the area and we inherited someone from her office. He was a disaster. He did not like the property and told us that we were priced too high by far. He did not market it well. Finally, he asked to be released. We let him go and got a new realtor who knew what he was doing. He was totally wrong, we sold at asking price. Another issue was the neighborhood. We purchased the house in the winter. Came summer, some neighbors were outside a lot and caused a commotion, drinking beer, bottles left around, etc. We learned to check out the neighbors more closely. Because of weather, this was not an issue at the time of purchase as it was cold and they were not outside. We also learned that if you do your research on pricing correctly and know that you are right, do not be convinced to change because someone else tells you. Had we followed the first realtor's advice, we would have lost money instead of making a decent profit.

Shout Outs & Testimonials

The coaches and the FB family gave us good advice and encouraged us through some of the dark days. They pointed out good ideas and lifted spirits when needed.

Before & After Photos