Philip Yan Rehab Deal

 

Philip Yan Rehab Deal

Victory Star Solutions in Chesterbrook, PA
Philip Yan with Carolina Yan

This deal was found through our probate mailing campaign; we go to our county court every 3 weeks to get new names and send out letters with 3 touches each. My letter was the only one called even though they had a stack of mail from other investors (got lucky!!). Sending multiple touches worked. Since this was in the estate we were allowed enough time to close, so I followed the system and found a local bank that was willing to lend to me at prime interest rate of 70% of appraisal price, because we bought cheaper this happens to cover 100% of my purchase price and some extra $$ for the rehab. I had to come up with most of the rehab $$ which I used my own HELOC at 5% rate as well, saving a lot of $$ on the financial side. We end up spending 15K over the original estimate because of a failed septic and electrical box found after we bought it, the lesson here is to get full septic inspection!!!!. Total rehab was 105K. In the process I also got my real estate agent license, I was able to work with someone in the office to co-list at only a 1% fee, stage the house and take professional pictures, the property was on the market for 2 days accepted an offer of 5K over asking, no open house and was 25K over my original ARV.

Rehab Details

Property City: Glen Mills
Property State: PA
Purchase Price: $270,000
Repair Costs $105,000
Sale Price: $495,000

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Case Study

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

First thing after my offer was I accepted I said: \"oh crap, now what!!!\". Then I immediately set up back to back 2-3 calls with our field expert coaches, they were able to walk me through the process and help me, I continue to set up calls to help with my contractors and other negotiation techniques. All the steps from buying, funding, rehab, contracts, selling was all learn from Mastery, Bootcamps, and coaches. Ideas to use local banks, attending the sales and negation event, recommending we have an agent on our team, everything was done following the system.. an amazing system if you put the time, effort, patience and trust the process.




Before & After Photos