Jerry Britt Rehab Deal

 

Jerry Britt Rehab Deal

365 Property Partners in Tampa, FL
Jerry Britt with JR Carrel

This house came on the market the day before we were closing on the sale of its backyard neighbor that we finished rehabbing. The house was on the MLS and we knew immediately what the ARV would be. Our offer was below asking price and was not accepted. 3 weeks later the seller contacted us because the original buyer was unable to close. They wanted $130,000 rock bottom price. We offered that amount if we could close in 3 weeks, or $127,000 and we\'ll close this Friday. We closed Friday and for $3,000 we let the house sit for 3-weeks while our crew finished completing a project.

Rehab Details

Property City: Tampa
Property State: FL
Purchase Price: $127,000
Repair Costs $68,550
Sale Price: $245,000

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Case Study

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

Our FortuneBuilders training is the only reason we can do any deal. I did not know how to estimate repairs or set a purchase price before FortuneBuilders. We used the Repair Estimator and wrote a detailed scope of work, both that we learned in the system. Also planning for surprises was a big factor in this house. The AC worked when we bought it and quit during rehab. We had other surprises - about $6,000 worth which also lengthened the repair time and increased holding costs. We made money, but this was not an ideal deal, by far. Thankfully we have a great relationship with this private lender. We over borrowed and take some of our profit up front. We borrowed about $15,000 more than we thought we\\\'d need, so we used some of it, and still kept some as profit and got the rest of the cash when we sold.




Before & After Photos