Michael Banks Rehab Deal

 

Michael Banks Rehab Deal

Moxie Property Solutions LLC in Liverpool, NY
Michael Banks with Sheree Banks

We went to a live estate auction and we were the winning bidder! The property was a 33-year-old 2-bed 1-bath 1040 square foot custom built home situated on two acres with a 250’ driveway on a quiet cul-de-sac. Our goal was to increase the livable square footage by adding a bedroom, bathroom and a family room in the unfinished basement. While doing our demo we discovered that we would need a French drain and sump, had electrical issues and painting the cabinets would not be cost effective and replaced them. We had contractors who decided not to show up (imagine that!) which caused a several week delay but we pressed on and found some great replacement contractors who knew how to use a level. We were also visited by some neighbors THANKING us for cleaning up the landscaping and taking down a dozen dead or nearly dead trees and the years of debris of cut limbs—they even sent over lunch and thank you card! Upon completion and inspection by town Codes and a real estate appraiser we legally increased the square footage from 1040 to 1740 square feet plus an additional 96 square feet with a three season sunroom. Outside of replacing the roof and siding the house was completely redone. We invited our CNYFB Investor’s group in for a sneak peek before our listing went live and received some great feedback. The property was listed on 2/5/19 and we agreed to a cash deal on 2/16/19 after reviewing multiple offers and closed on 3/15/19. We presume our former neighbors were very happy after we sold for more than $70K over assessed value.

Rehab Details

Property City: Elbridge
Property State: NY
Purchase Price: $91,000
Repair Costs $46,225
Sale Price: $175,500

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Case Study

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

The support team guided and helped us through this project with our coaching calls and our coach Pam Ross. The Repair Estimator and Scope of Work was an awesome guide for our first flip and was an educational experience. Sheree loved the structure that FortuneBuilders provides and something dearly needed by Mike!




Before & After Photos