Christopher Hewitt Rehab Deal

 

Christopher Hewitt Rehab Deal

Hewbrick Properties, LLC in Charlotte, NC

I joined Mastery March 19, 2017 and had this subject to deal under contract in mid May. The widowed gentleman who owned the home had suffered a mild stroke and was denied disability. He needed to sell the property because he had fallen 3 months behind on the mortgage and needed to appeal the disability denial. He was moving in with his son out of state until he could hopefully start receiving disability income.

Rehab Details

Property City: Charlotte
Property State: NC
Purchase Price: $94,716
Repair Costs $33,562
Holding Costs: $22,647
Sale Price: $235,000

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Case Study

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

With it being subject to, I took over the existing loan payments and my girlfriend funded the rehab.


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

The house was original 1972 with Green Shag carpet, avocado green appliances in the kitchen and original hall bath. The master bath was mid remodel (demo phase) when the seller had a mild stroke that prevented him from finishing the project. I removed the wall between the kitchen and den to create a more open floor plan. Under the green shag there were mint condition solid oak hardwoods throughout most of the house that I had extended into the kitchen area and foyer and refinished from their natural color to walnut.


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

Had a licensed realtor list the property on MLS and sold to first buyers who came at 10 a.m. the morning it was listed


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

Finding good quality contractors is by far the biggest struggle. I had to fire 4 different contractors on this project and find replacements which not only caused delays but also some additional expenses in materials that had to be removed and redone with new.


Shout Outs & Testimonials

My coach, Bret Alford, has been beyond awesome helping me get through this project and helping keep me stay focused on learning from the curriculum. I know I could have never been as successful as I am since joining mastery without his support and guidance along the way! Thank you is not enough to express my gratitude for all of Bret's help!




Before & After Photos