Eric Giers Rehab Deal

 

Eric Giers Rehab Deal

Viking Ventures Corporation in Milford, CT
Eric Giers with Cheryl Giers

We funded this deal with a portion of the profit from our first rehab ($40K) and used a hard money lender for the remaining purchase and repairs. The house was considered a 3B/1B and originally 980 SqFt. We did extensive repairs throughout the house and boosted the space by 2200 SqFt by finishing the basement and finishing the attic into a master bedroom and adding an additional 2 full bathrooms. We finished the old attic by removing the old pull down stairs and adding a new custom built an oak staircase and reinforcing the old 2 X 4 flooring by sistering 2 X 6 to them. The basement now has its own entrance located in the back of the house complete with pine stairs. 3-4 inches of concrete was poured and we framed and sheetrocked the exterior walls. We added an electrical room, laundry room, mechanical room, and macerator room. Wall to wall carpeting was added throughout the basement. We removed a rear bedroom on the main floor to expand the kitchen and to add oak stairs for the master bedroom. All new appliances were added to the kitchen as well as new oak cabinets, granite countertop, tiled backsplash and a new under mount sink with disposal. 700 SqFt of engineered bamboo hardwood flooring was installed in the living room and kitchen. Two new front windows were added and new vinyl siding was installed on the front of the house. We removed all the old pipe penetrations and old furnace chimney from the roof and replaced a few shingles and added flashing to the fireplace chimney, we also replaced 40\' of sidewalk with new concrete because the city demanded it from everyone on the block for the new school year. Brand new gas lines, gas furnace, AC unit, and three zones replaced the old octopus in the basement. Old cast iron plumbing was taken out and replaced with PVC and PEX. We ended up hitting the market late by 1-2 months and consequently unable to sell the home. A month earlier a smaller house 1500 SqFt with less impressive finish sold a block away for $340K! We implemented our secondary exit strategy and bought the house from our company personally renting it out short term for 6-months. They moved out in April 2019 and we sold the house at the end of May! To see the entire photo blog of the project from start to finish feel free to look on our Google photo site here: https://photos.app.goo.gl/UC7DkinOu8C83LXf2

Rehab Details

Property City: Milford
Property State: CT
Purchase Price: $120,000
Repair Costs $85,000
Sale Price: $284,000

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Case Study

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

The FortuneBuilders repair estimator made us realize that this deal was absolutely doable and despite not selling for what we originally wanted to get, we actually exceeded the original estimated profit by $15K! :-)




Before & After Photos