Dana Washington Rehab Deal

 

Dana Washington Rehab Deal

LDR REAL ESTATE SOLUTIONS in Riverview, FL

Ida street was assigned to us by another local FortuneBuilder student who has become a mentor, partner, and friend. We funded the deal using a hard money lender, Lima One Capital, at 12% interest, 3.5 points, 90% purchase price, and 100% rehab cost at 13 months. The gap came from our 401Ks. The property was a 3/2 block home build in 1968 at 1176 sqft. We added 300 sqft. of heated space by closing in a portion of the carport thereby creating an inside laundry space and hallway. We created an open floor plan. All of the cast iron piping was replaced with PVC. We piped the home for natural gas, installed a tank-less water heater and gas range. The home was completely renovated with new cabinetry, stain steel appliance carpet and laminate flooring. Our investor friendly realtor was able to sell Ida Street through another agent within her firm who had been working with her client for over a year to become financially eligible to purchase a home. The unique monster at Ida Street was in the form of a sinkhole claim. This monster wasn\'t disclosed to us until the 1st buyer went to obtain homeowners insurance. This sinkhole remediation was not made public so it wasn\'t discovered in the title. After losing 3 buyers, a ton of leg work, and begging for the original Geotechnical Investigation, the engineering firm released the report. We obtained an inspection to confirm that there was no current sinkhole/ settlement activity and the fourth buyer closed on Feb 7, 2019. There was never a sinkhole on the property but the firm could not rule out sinkhole activity as a cause for settlement. The home was fully re-mediated in 2012. After speaking to attorneys, title companies and inspectors, it was comforting to know that this was a one-off situation that we had no way of knowing about. Having resourceful and experienced mentors, contractors, realtors, and attorneys were key to the success of this property.

Rehab Details

Property City: Tampa
Property State: FL
Purchase Price: $109,000
Repair Costs $55,300
Sale Price: $191,000

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Case Study

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

The FortuneBuilders team help us out tremendously. Coach Joanna Anderson held our hands the whole way giving use strategies on how to move step by step. When we were discouraged she made us remember our WHY. When we needed to keep active while the project was in limbo, she suggested we drive for dollars, put out bandit signs, start a mail marketing campaign, look for private money lenders and increase our buyer\'s list. All of these were tactics to build our confidence, grow our business through wholesaling, find our next project and much-needed funds.




Before & After Photos