Julian Montoya Rehab Deal

 

Julian Montoya Rehab Deal

JM11 Investments, LLC in Arden, NC

This deal was interesting as it was a condo in Asheville, NC and there is not a lot of condos in this area. My realtor thought of me when taking clients through this condo and quickly realized this would be a great opportunity for an investor to come in and appreciate the property through renovations. It was tough to comp out this property as not a lot of condos were available. I only found 1 other condo exactly like this one that sold for a great price within 11 days. Other condos were further out that we had to do our best to play with the values and come up with an apple to apple comparison. I funded the deal through a hard money lender and the gap left I funded with some of the money I had gained in my first rehab. We finished the property right as a hurricane was passing by. There wasn\'t any demand and the market was at a halt. I refinanced the property and got a tenant in the property. Currently, this property is cash flowing nicely. The end goal is to sell it but for the time being I will let the tenants stay for the duration of the lease.

Rehab Details

Property City: Laurel Park
Property State: NC
Purchase Price: $183,000
Repair Costs $35,000
Sale Price: $218,250

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Case Study

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

The system prevented me from panicking by learning to buy at the right price. This was highly influential in making sure that I didn\'t lose enough money in the process. When I did a refinance, I was able to cash out some money to be able to invest in another deal while the property kept cashflowing.




Before & After Photos