Kirk Clukey Rehab Deal

 

Kirk Clukey Rehab Deal

KNT Homes in Hagerstown, MD
Kirk Clukey with Trudi Clukey

We were contacted by a local wholesaler with this property at a reduced price (10K less than his previously) so we decided to go take a look. The house was a smelly mess but we saw it had potential and put in our offer which was accepted. We used private money at 6% and credit cards at 0 % to purchase and a refinance loan for rehab. The repairs began with the removal of a tree and installation of cement steps, railroad ties, mulch, and driveway gravel, all new windows, french door installed, all new interior doors, new laminate floors, and carpet upstairs, and opened a wall and reconfigure some electrical. A new HVAC unit/ installed in the attic, paint, and brand new kitchen and bath. We were going to add another bedroom and bath downstairs to make it a 4/2 but found out there was a water issue and decided to install a french drain instead. Little did we know by doing so, you allow radon to come through and therefore we needed mitigation as well. The inspector found rust in the bottom of the electric panel box which required us to replace that also. The well water had bacteria so an ultraviolet light was required. Those three things were not considered and began to eat away at our profit so we were growing concerned about the upcoming septic inspection. We passed! Hallelujah. Our listing agent staged the house and it really came alive. Had 5 offers right away, under contract in a few days but it fell through so we went with another offer but had to wait for the government to reopen since their loan was a government-backed loan. Went to closing a few weeks later- everyone was happy!

Rehab Details

Property City: Mercersburg
Property State: PA
Purchase Price: $64,000
Repair Costs $49,000
Sale Price: $145,600

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Case Study

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

The education and tools such as repair estimator and deal analyzer are so valuable. The numbers need to work or it\'s not a deal. We learned a lot from this rehab. Knowledge is everything. Even though we made a nice profit, we will be more diligent in our inspections of future properties.




Before & After Photos