Thomas Arena Rehab Deal


Thomas Arena Rehab Deal

Iron Hill Property Group, Inc in Bear, DE

I found this deal from a farm area mailing to fast selling ZIP codes. The owner, who owned the house free and clear, just wanted to be done with the home and move to be closer to his aging family. The purchase was funded using a private lender who charged 12% + 3 points to borrow up to 65% of the agreed upon ARV. Repairs included a complete restoration of the in-ground pool and systems, major remediation of homeowner\'s electrical and plumbing attempts, and various cosmetic improvements and heavy cleaning. Since I am not a real estate agent, I sold the home using a flat-fee broker to get it listed on the MLS, offering a 3.25% buyer\'s agent commission and then held the open house the next day. The first couple to walk through during the open house fell in love with the home and bought it the next business day. A unique thing I did in this house was to stage it. I had not previously done that and it helped to define the space a lot better than I thought it could.

Rehab Details

Property City: Wilmington
Property State: DE
Purchase Price: $187,500
Repair Costs $69,565
Sale Price: $365,000

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Case Study

How did the FortuneBuilders team and resources help you to accomplish this deal?

FortuneBuilders gave me the knowledge I needed to understand how to market for a deal, structure it, how to find funding for it, understand the market, and estimate repair costs.

Before & After Photos