Christian Weatherspoon Rehab Deal

 

Christian Weatherspoon Rehab Deal

San Diego County HomeBuyers in Chula Vista, CA

This property, which was a \"hoarding\" situation, was acquired from a direct mail campaign targeting a list generated from the City of San Diego\'s Code Enforcement website. We were initially going to use hard money, but purchased the property Subject-to & Seller Financing after identifying it would be more beneficial for the seller who, at the time, was incarcerated. After meeting with the seller at the prison and negotiating the deal, we provided immediate assistance with Power of Attorney to simplify the process for the seller. We were not able to be in direct contact with the seller, and therefore had to coach our Notary Officer how to explain the Purchase & Sale Agreement. Once under contract, we made arrangements to assist the current occupants of the subject property by paying for moving expenses, and long-term storage for both the seller\'s valuables as well as storage for a vehicle. The process of the renovation uncovered a myriad of challenges as the debris cleared, which increased our costs; more than that, our general contractor not only walked off the job, but cut many corners and failed to do work up to code, that was also missed by our hired project manager. After stepping in to hire a replacement contractor and managing the final stages, we were able to complete the rehab and put it under contract with the happy new homeowner in about a week.

Rehab Details

Property City: San Diego
Property State: CA
Purchase Price: $330,000
Repair Costs $146,714
Sale Price: $665,000

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Case Study

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

By sticking with the systems that FortuneBuilders teaches, implementing everything I\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\'ve learned about negotiations, creative financing, the rehab process and more, San Diego County HomeBuyers was able to flip house number one: now, it\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\'s on the the next one!




Before & After Photos