Garth Briscoe Rehab Deal

 

Garth Briscoe Rehab Deal

Capital Home Buyers, LLC in Malta, NY
Garth Briscoe with Gina Briscoe

This deal was brought to us by friends who mailed out a few absentee owner letters. The property was vacant for 5 years and was provided a nice habitat for all sorts of rodents and insects. The seller had received multiple letters over the years from other investors but said he liked theirs, so that\'s why he called. My friends were not ready for a large rehab project, so they asked us to partner with them. They brought the deal and some funds for the rehab; we did all of the work and funded the purchase and remaining balance of the rehab with funds from one of our private lenders. We split the profit proportionally to the number of funds we each invested. The project took 2 months longer than it should have, but we were very happy with the finished product; if only the buyers Appraisor liked it as much as we did! We had it sold for $469,000 but his appraisal came in at $439,000. We were able to renegotiate with the buyer and split the difference for a final sale price of $454,000 instead of putting the property back on the market and incurring more holding costs. Still a nice profit, but definitely a bummer to give up $15,000!

Rehab Details

Property City: Clifton Park
Property State: NY
Purchase Price: $215,000
Repair Costs $146,000
Sale Price: $454,000

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Case Study

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

We should have followed the FortuneBuilders systems and used ALL of the 6 Critical Documents to keep our contractor on schedule. We used a contractor that has done a lot of work for us in the past and he \"promised\" he would finish on schedule. We did not have him sign the Independent Agent Agreement so we there was no penalty for missing the scheduled completion date. Had we listed the property in July instead of September, we would\'ve had more options if the appraisal came in low. Our market was hotter then, interest rates were lower, we hadn\'t accumulated as much in holding costs, different Appraiser? Who knows? Lesson learned.




Before & After Photos