Bill Greene Rehab Deal

 

Bill Greene Rehab Deal

ROI Proportunties, LLC in Centennial, CO
Bill Greene with Marie Greene

In August of 2018, we found a 2700 sq. ft. 4/3 in a quaint suburban neighborhood southeast of Denver. It was a home in need of substantial updates. The owner needed fast cash as he was elderly and recently moved to a nursing home facility. His brother managed the transaction and it was tight at a buy of $315k with an ARV of $425k - and in need of $60k in repairs/updates. We found an HML which we had never used. They required an SOW, up front, to reference for draws. We did a terrible job at the SOW estimate per the HML draw, as it was a rushed closing. That is to say, we submitted broad, general work such as \"Paint, Kitchen, Landscaping, etc.\" estimates - which resulted in not being able to draw until the categories were 100% complete. The point is, it\'s critical to follow the FortuneBuilders Process/Repair Estimator for a more detailed SOW submission per draws. The good news is that this was our 2nd rehab and the first project with our company\'s new proprietary construction crew - HHB Construction. This new team works only for ROI Opportunities and is led by a Construction Instructor at a Denver Builder Academy. His team is comprised of new, but well trained, at-risk youth. These young men are economically disadvantaged but eager and bright! When Than Merrill and the FB Leadership ask \"What is your WHY?\" - These kids are our answer. They successful rocked out this rehab with new walls, texture, stunning bathrooms, flooring, carpet, plumbing, basic electric, and a KILLER kitchen redesign. We listed this home for $449k but closed at $442k. While we had some budget overruns due to our lack of experience, we still consider this a WIN as it launched our young construction crew of at-risk youth - a mission with purpose!

Rehab Details

Property City: Centennial
Property State: CO
Purchase Price: $315,000
Repair Costs $79,000
Sale Price: $442,000

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Case Study

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

FortuneBuilders empowered us to create a relationship with a realtor who consistently brings us motivated sellers with distressed properties. We utilize our FortuneBuilders Elevator Pitches to create this and other vendor relationships to secure competitive deals - even \\\'though we\\\'re new. We ran our repair estimate and deal analyzer then sought a competitive HML. We learned to utilize our SOW, after the fact, but we got it down now! Again, our biggest WIN is in the formation of our new proprietary construction crew of \\\"at risk youth\\\". I laugh at this term now, because we utilize the FortuneBuilders entrepreneurial education to enroll these kids out of the Technician mentality and into their future entrepreneur mindset - which they get. We\\\'ve also helped them build their credit and we share every aspect of our business with them. Than Merrill and the FortuneBuilders Leadership should be acknowledged for changing these young men\\\'s lives.




Before & After Photos