Abraham Kamerman Rehab Deal


Abraham Kamerman Rehab Deal

Honorable Estates LLC in Galloway, NJ

This deal was wholesaled to us by another Mastery student. They approached us after we completed their buyer\'s criteria form online. They presented this property to us because it met most of our requirements and it was located just 10 minutes from our home. The purchase price was $70K and the rehab budget was $55K. We funded the deal by using my wife\'s IRA, funding from her parents and a PML in California. The lender was another connection we made through the Mastery community at a local REI group we starting attending about 8 months ago. We completed the rehab in 13-weeks which included demoing the kitchen and bathroom. This was a split level house and we installed new laminate on the main and lower floor. The kitchen got new subflooring, all new cabinets, appliances, countertops, backsplash, lighting, and paint. The bathroom was gutted top to bottom. The 3-bedrooms needed minor work that included new carpet, light fixtures, and fresh paint. We also installed a new gas hot water heater, AC unit as this house only had forced air heating before and replaced the insulation in the crawlspace. Outside we soft washed the exterior, cleaned up the yard, and put a new rock on the driveway. Followed by a new roof on the garage and replacement power service line to the meter. We worked with a realtor but really got lucky because we had a full price offer within the first couple hours of the house being on the MLS. Next time I plan to do more video recording and status updates during the rehab so more people have a chance to see the transformation and our work step by step. I want to pre-sell our next home before it\'s even listed! This house sold for the highest priced in 2019 on Wood Lane. The home is located on a cul-de-sac which made it very desirable located in a quiet neighborhood.

Rehab Details

Property City: Galloway
Property State: NJ
Purchase Price: $70,000
Repair Costs $55,000
Sale Price: $182,000

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Case Study

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

The FortuneBuilders team was helpful and the systems and documents I received from the Mastery website allowed me to quickly verify the rehab budget and tackle this deal head-on. I was able to keep my contractor accountable for deviations made during the rehab by simply reminding him of our deal and documents that were in place. I was also able to negotiate a refund for items not needed or completed base on our SOW and his estimate allowing me to reduce the overall rehab budget increasing the profit. These systems work if you\\\'re not afraid to use them.

Before & After Photos