Bela Schuch Rehab Deal


Bela Schuch Rehab Deal

B&L Quality Homes,Inc in Albany, NY
Bela Schuch with Laurie Schuch

1860 Albany St Schenectady NY , 3 bedroom 1.5 bath house. We were able to save on rehab costs by re-using all the cabinets and fixtures done from a previous rehab. We held this property for 5 months from purchase to The final Sale

Rehab Details

Property City: Schenectady
Property State: NY
Purchase Price: $57,000
Repair Costs $17,300
Holding Costs: $5,032
Sale Price: $100,500

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Case Study

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

This was a HUD home we found on the MLS, Having my brokers license and becoming a HUD selling broker has been a huge asset in my business. It allows me to find deals like this an bid on them instantly on my own behalf. We financed this deal through a contact our attorney made for us. We submitted several offers to HUD before they finally accepted our offer.HUD uses their own contracts but everything is done on line and you do not need POF for initial offers. We have purchased several HUD homes in the past and have done well with them.

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

This house was a previous rehab from about 8 years ago. Because all the major mechanicals were already done,we knew we could rehab this one quickly. The home only needed light rehab. It already had new plumbing,electrical and heating, even had new siding and windows& roof. We painted and cleaned the interior, Re-used the same cabinets and counter tops in kitchen. we also were able to re-use all the bath fixtures. We dressed up the kitchen with ceramic tile on floor and backsplash , tiled bath floor and installed new carpet. We cleaned up the yard and dressed up the landscaping.

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

We listed it on the MLS and another agent found a buyer

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

We took a house that was dirty and looked terrible, and with much cleaning and a fresh coat of paint, turned it into a gem. These are perfect types of rehabs in lower priced neighborhoods.This house looked new inside when we were done with minimal effort. Depending on price point, rehab costs and especially market conditions and the surrounding comps, not every rehab is going to be the same.The rehab took about 4 weeks from start to finish. Staging the home also gave it the finishing touches!

Shout Outs & Testimonials

This was a perfect example of a Win Win! we purchased an eye sore in the neighborhood, Rehabbed the home and sold it to a buyer for a price that was very affordable ,Buyer loved the home! Every home we do like this brings up the value of the surrounding homes and neighborhood! And yes ... we made a great profit as well ! Thank you Paul, Than, Konrad , JD and the Fortune Builders family for all your support !!

Before & After Photos