Jeffrey Tillman Rehab Deal

 

Jeffrey Tillman Rehab Deal

NewVision Property Solutions, LLC in Blacklick, OH
Jeffrey Tillman with Leticia Tillman

This was an off market deal. We had radon testing done at one of our properties. When the gentleman arrived he noticed our truck magnet which stated "We Buy Houses". He had recently inherited his fathers home and was looking to sell. We closed on the property within 2 weeks.

Rehab Details

Property City: Pataskala
Property State: OH
Purchase Price: $130,000
Repair Costs $30,000
Holding Costs: $4,985
Sale Price: $195,000

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Case Study

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

We utilized our Private money lender for the purchase, and renovations. We also used our Home Depot Commercial credit card to purchase materials.


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

We remolded the kitchen with new cabinets, granite counter tops and stainless steel appliances, with an open concept to the dining area. Renovated both bathrooms, and installed new flooring throughout. Painted the entire interior as well as the exterior.


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

It was listed on the MLS and also marketed through our title company.


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

This property was hard to comp because of the area that it was in. Our realtor went in very aggressive on the price. She assumed because of what the home offered that we could get more. Even though we had a way lower number in mind,we took her lead. It took way longer to sell than we wanted. We were dropping the price every week. Finally we had a buyer but in the end the property appraised for way less than the figure we had in mind. The lesson is to do your due diligence and study your market to make sure it's a good deal all over. Also, if you have a feeling your realtor is just throwing numbers out that don't seem to fit the comps, don't agree on the list price.


Shout Outs & Testimonials

We would like to shout out FB for giving us the knowledge necessary to be able to Submit A WIN!! Would also like to shout out Ed Loxterkamp with Authentic Property Ventures!




Before & After Photos