Christopher Collins Rehab Deal

 

Christopher Collins Rehab Deal

You\'re Home Properties LLC in Valencia, CA
Christopher Collins with AnnMarie Collins

This property was sent to us by a wholesaler. I knew it was a hot neighborhood, so I drove by the property immediately. There were several other people there doing the same thing. I walked around the outside and then ran some rough numbers assuming a full renovation without even seeing the inside. It penciled out really well. I knew it would go quickly, so I called my wholesaler rep and told him that we wanted the property and that I was on my way to his office with the EMD. He told me that they had so much interest that they were going to do a showing the next day and would have anyone interested submit their best and final offers then. I’ve been to a few showings like this on hot properties and dozens of people show up. I wanted to lock it up before then, so I called back my rep and offered $10k over their asking to lock it up. He said that they could not do that since they already announced the showing, but would ask his acquisition manager. The AM countered back at $30k over asking and we finally settled at $20k over. I signed the contract and the showing was canceled. We financed 85% of the purchase with an HML and financed the balance and the rehab costs with our HELOC (at 2.99%).

Rehab Details

Property City: Los Angeles
Property State: CA
Purchase Price: $602,094
Repair Costs $96,830
Sale Price: $884,000

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Case Study

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

The FortuneBuilders education not only gave us the tools but most of all, the confidence to aggressively go after this property. We then used the tools and processes to create a great home.




Before & After Photos