Jason Royer Rehab Deal

 

Jason Royer Rehab Deal

RAMS Investing in , IN
Jason Royer with Jason and Dustin Royer

This is a 3 bedroom 2 bath ranch home on about 1/2 acre in Greenwood, Indiana (a south suburb of Indianapolis). We were referred this deal by one of the closers at the title company we use all of the time. She always would close our deals and see our before and after photos and was very comfortable with us and our work. It was her mother-in-law and father-in-law. Both were getting transferred into assisted living facilities and the house had been run down because they couldn't take care of it for many years. We told them that all they had to do was to get what they wanted out of the house and we would move the rest of it out. We brought them a solution to their problem, and we offered a service that they never expected by telling them that they didn't need to do any repairs or remove any items from the home.

Rehab Details

Property City: Greenwood
Property State: IN
Purchase Price: $60,000
Repair Costs $47,716
Holding Costs: $10,040
Sale Price: $164,900

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Case Study

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

We used a private lender that we have used for 5+ years. He not only funded the purchase, but also the renovation cost as well. We didn't put one penny of our money into the deal and didn't make a payment until we closed on the home.


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

We basically did about everything inside this home. We put a new roof, some new windows, completely gutted both bathrooms and kitchen and put all new in. Of course we added all new flooring, paint, plumbing and lighting fixtures.


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

Both Dustin and I are Realtors and we have our own brokerage. We listed the house ourselves and had a buyer within the first 5 days on the market.


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

Make sure that everyone knows what you do and why you do it. Obviously, our title rep knows what we do, but I never expected her to give us a deal. Make sure that you make a point to show everyone your successes, but do it humbly. You never know when that person will come calling to bring you a deal.




Before & After Photos