Kristina Salcido Rehab Deal

 

Kristina Salcido Rehab Deal

Hermes Home Ventures LLC in Edgewood, NM
Kristina Salcido with Kiki Salcido

We are Realtors in NM and this property was referred to us by an Alaskan agent who was representing a law firm who acquired the property as divorce representation payment. The property needed a new roof, a well, new septic, and full rehab inside and out it was not ready for the open market, only investors. Instead of listing the property for them, we offered to purchase it on a lease to own, since it was already under a REC so we couldn\'t wrap a wrap. It was 2,500 sq ft 3-bed, 3-bath in a rural area outside of Albuquerque. We purchased the property at $140,000, put $100,000 in repairs and profited $80,000. We had 2 private investors ($70K, $10K) and used credit cards to fund the rest. We are Realtors so we were able to save on a Listing Agent fee, closing costs and only pay Buyer\'s Agent. We sold it in under 30 days which is less than half the market standard for Time on Market at list price!

Rehab Details

Property City: Tijeras
Property State: NM
Purchase Price: $140,000
Repair Costs $100,000
Sale Price: $325,000

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Case Study

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

We used the Deal Analyzer and probably re-evaluated 100 times before pulling the trigger. The numbers were pretty spot on for us. We met our main Private Investor at our local FB group here in Albuquerque. We also originally learned about REC before getting our license and were able to structure the deal with $0 out of pocket. We didn\'t even have Earnest Money in play because it was a lease-to-own! FB gave us the tools and confidence to dive in and go big on our FIRST DEAL!




Before & After Photos