Kurt Odom Rehab Deal

 

Kurt Odom Rehab Deal

Providence Oak Properties, LLC in Indian Trail, NC

This house was found while my wife/business partner and I were driving for dollars. We were in the neighborhood of the first rehab we completed and my wife wanted to drive by it to see what it looked like since people are living there now. I was against the idea because I never wanted to see that house again, due to the headaches that came with that particular property and the contractor that I hired, but I reluctantly gave in. As we were driving toward our first rehab house, we noticed a house on the adjacent street that had high grass in the lawn and a boarded up window. The property looked vacant so we decided to send the owner a mailer. Come to find out, the home had caught fire and suffered significant damage from their last tenants and the owner had received an insurance check to fix the property. The owner lived in Kansas City, MO so I persuaded him to sell me the property rather than try to deal with an extensive rehab from Kansas City. The rehab consisted of fire remediation, full gut of the kitchen renewed with new cabinets, granite countertops and stainless steel appliances, new laminate flooring throughout and tile floor in the bathrooms, new vanities, new HVAC units, cleaned ductwork, replaced burnt siding outside of the kitchen, and 3 new windows. Fortunately, the fire did not penetrate the drywall throughout the home, except for in the kitchen, so we did not have to replace it all. We were able to clean the drywall, then seal it with an oil based primer and then paint to our selected color. The most challenging thing about this rehab was getting rid of the smoke smell inside the home. We had to thermal fog the home 3 times and once under the crawl space to completely deodorize the property. We had 2 full priced offers within the first 3 days of this property being on the market.

Rehab Details

Property City: Wingate
Property State: NC
Purchase Price: $77,500
Repair Costs $41,500
Sale Price: $165,000

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Case Study

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

Fortune Builders was a pivotal part of our success due to the systems we had established and coaching we received on how to deal with a rehab like this. It was greatly encouraging that I had a network of individuals I could reach out to for information on how to deal with a home that had fire damage. This allowed me to make decisions that saved us time and money on this property.




Before & After Photos