Mary Derman Rehab Deal

 

Mary Derman Rehab Deal

GotYour Back Real Estate Group, LLC in Oak Forest, IL
Mary Derman with Brynn McNicholas

This home was a Freddie Mac home listed on the MLS. The first month it was listed it was only available to owner occupants. As soon as the investor period opened up, we immediately got in there with our repair estimator. On our first walk through, the home appeared to only need cosmetic updates with a $45k budget. We submitted our offer and were rejected. We kept the home in our follow up system and when it was reactivated we resubmitted our offer. Again we were rejected. The home reactivated again and of course we were still interested. Only this time it had finally been disclosed there were foundation issues. Before resubmitting again, we re-walked the property with our contractor. It was determined that we needed to adjust our budget to account for the foundation issues. We went from a $45k budget to a $75k budget. After resubmitting and getting rejected a third time, we finally submitted our 4th offer, $20k under our original offer amount, we were finally accepted! This deal was especially special because it was in my home town. I loved having the opportunity to take a forgotten home in the community and bring it back to life!

Rehab Details

Property City: Oak Forest
Property State: IL
Purchase Price: $91,500
Repair Costs $82,750
Sale Price: $239,900

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Case Study

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

Having the resources of the repair estimator and follow up system, along with all of our business systems, help make Brynn and I successful. Also, the most important thing Fortune Builders gave me was my business partner, Brynn.




Before & After Photos