Charles Honeycutt Rehab Deal

 

Charles Honeycutt Rehab Deal

CHC Equity Group in Mabank, TX
Charles Honeycutt with Cheryl Honeycutt

A real estate agent we are acquainted with called and asked if we would be interested in purchasing a 2-year old house at a deep discount. The agent explained the seller owned the house free and clear and was dealing with a cash flow issue. We used the FortuneBuilders Repair Estimator and also examined and photographed the property. We negotiated the purchase price to $390,000 with an estimated the ARV at $475,000, and closed the deal in 6 business days. We were able to help the seller out of her situation and purchase a property that we estimated would require about $6,000.00 dollars in repairs and painting. After purchasing the property we were notified by the HOA that the previous owners had installed concrete pavers in the back yard without seeking authorization from the Architectural Control Committee and that we would be required to submit a request for approval or remove the pavers. We asked our neighbors if they were experiencing any drainage issues related to the pavers and one neighbor said that they were…possibly. We immediately demolished and removed the pavers, replacing them with sod; which was the right thing to do. We listed the property with Keller Williams and, 11 days after signing our listing agreement (at 4%) we had a signed purchase contract and closed 14 days later, at $475,000.00.

Rehab Details

Property City: Dallas
Property State: TX
Purchase Price: $390,000
Repair Costs $4,666
Sale Price: $475,000

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Case Study

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

During the process, we used our FortuneBuilders Mastery skills, tools and Coaching provided by the FortuneBuilders Team. Without the skills and knowledge, we gained from the FortuneBuilders Team, we wouldn\'t be traveling in this lane of traffic.




Before & After Photos