Shane Hunt Rehab Deal

 

Shane Hunt Rehab Deal

Columbus, OH

This was Integrity Homes, LLC second rehab deal. We purchased this as an REO and an agent helped us find this one. It had sat vacant for over a year and was in bad shape. The basement had been torn up by multiple dogs and other parts of the house showed signs of major drug activity. This helped us in lowering the asking price.

Rehab Details

Property City: Galloway
Property State: OH
Purchase Price: $49,000
Repair Costs $27,000
Holding Costs: $3,000
Sale Price: $117,000

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Case Study

How did you find and structure the financing of this deal?

We did a traditional note and mortgage from a private lender. We found our lender through the mastery Facebook page.


Provide a summary of the repairs and improvements you made to the property.

We removed fencing and a aluminum shed from the back yard. We did minimal landscaping and painted the shutters for better curb appeal. On the interior we gutted the full and half bath and gutted the kitchen as well. We added new carpet, new paint, and finished off 2/3 of the basement. Tuck pointed the fire place and changed out the fireplace glass doors.


How did you find a buyer for the property if you sold it?

We listed our property and it was under contract with 9 days. Another realtor showed the buyers our property.


What are some of the major lessons learned that you would like to share with other students that they can learn from?

Have a solid scope of work and go over it throughly with your contractor. Our contractor kept trying to cut corners and we eventually parted ways with him 70% of the way through the rehab. We still finished strong and made our profit. Having a good and reputable contractor is crucial.




Before & After Photos