Michael Aldridge Rehab Deal

 

Michael Aldridge Rehab Deal

Pinnacle Properties in Phoenix, AZ

This deal was referred to me by a Realtor that sold one of my other rehabs. The seller did not want to list with a Realtor and was referred to me. I met the seller at the house and to my surprise it was in very good condition although a bit dated. Comps in the area for smallernon-updated homes were in the range of $215-$225k. We decided to make simple updates: paint the house inside and out, replace missing carpet, repair some wood flooring and replace a patio cover. We spent just over $4600 to update the home. I listed the home with the agent that referred the deal to me and she sold and closed it within 60 days of listing the home on MLS.

Rehab Details

Property City: Phoenix
Property State: AZ
Purchase Price: $175,000
Repair Costs $4,681
Holding Costs: $4,601
Sale Price: $215,000

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Case Study

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

This deal was referred to me by a Realtor that sold one of my other rehabs and has referred me other non MLS deals. I used my Commercial line of credit to finance the deal.


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

This is the 1st lipstick on a Pig deal we have ever done to test the waters. We decided to make simple updates: paint the house inside and out, replace missing carpet, repair some wood flooring and replace a patio cover. We spent just over $4600 to update the home.


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

I listed the home with the agent that referred the deal to me and she sold and closed it within 60 days of listing the home on MLS.


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

Simple repairs can lead to quick profits and reduce stress. Using the referring agent to list the home also leads to more opportunities.




Before & After Photos