Sandel Torres Rehab Deal

 

Sandel Torres Rehab Deal

Invest in Family,LLC in Tampa, FL
Sandel Torres with Minchi Torres

Our wholesaler had an offer located in St. Petersburg Florida, my wife and I purchased the property right on the spot we close the deal at a Dairy Queen. I quickly used my repair estimator and came up with a repair estimate of $23,500. We paid $107,000 and had an ARV of around $180,000 (I did my own comps and I came up with a conservative ARV of $225,000) it was a four bedroom one bath house 1,620 sq. ft. The yard was nice and the home was close to a nearby elementary school at the end of a cul-de-sac. We needed to add a bathroom, remodel the kitchen, both bathrooms, change all the flooring, a driveway and pressure wash the house. The roof was in good condition, we added a wooden fence and changed out the AC unit only. The lender I used was Sherman Briggs they lent me 85% of the purchase price and 100% of the construction cost and charged me 12% and 2points. Shortly after purchasing the property we had a hurricane and I was unable to find contractors for electrical and plumbing which caused a delay. I ran into major problems adding the second bathroom and I had to move the electrical panel. There was no plumbing going back there so they had to dig a huge hole from the front of the house to the back of the house. We under budget $18,900 because we didn’t calculate adding a new bathroom, plumbing, and electrical work. *Note the contractor recommended not to add the additional master bath because it would be too costly. My wife and I felt strongly in order for the house to be marketable, it needed an additional bathroom. I ordered two appraisals, the first appraisal came in at $210,000 I thought it was low so I ordered a second appraisal which came in at $270,000. After talking to my realtor we decide on selling price of $235,000 and after about a month we lowered to $229,000 and sold it.

Rehab Details

Property City: St Petersburg
Property State: FL
Purchase Price: $107,000
Repair Costs $48,928
Sale Price: $229,000

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Case Study

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

Michael Laurent recommended we find a local real estate meet up. He guided us on how to find a reputable one Facebook or Linkedin. My wife and I attended the meetup and met several wholesalers. We ended up purchasing our first property from one of the wholesalers. Throughout the process, we reached out to several different FortuneBuilder experts and coaches who guided us along the way. In our first FB class with Siam, we went out to several properties and completed the repair estimator, which was tremendous in helping us acquire this deal. I also used the deal summary along with Realeflow all great tools for the novice and experienced investor. Almost forgot to mention the tremendous amount of ideas on remodeling that we were able to get from the templates. When we presented the scope of work to our contractor and realtor they were both impressed. We also used the six critical documents which helped to deal with contractors. Having FB as a partner in the whole process made us feel more confident and less stressful.




Before & After Photos