Rupert McCave
RGM Real Estate Solutions, LLC
in Upper Marlboro, MD
Rupert McCave with Gwendoline McCave
We found this deal working with one of our real estate agents. It was a short sale and we negotiated our offer price with our agent. This was our first experience with a short sale which took about 2 months to complete, from our initial offer acceptance in August 2018. The project was funded by one of our approved Hard Money Lenders and Private Funding from a business associate. The property was acquired on October 12, 2018, for $145,000 with the rehab budget of $48,000 and an ARV of $265,000. Construction was completed in February 2019 and listed thereafter. Some of the challenges were planning the construction sequences with the contractor during the fall and winter months on the east coast as we were doing exterior work and total roof replacement, not just the shingles for the structure. Another design challenge was making the existing floor plan into a 3B/2B from a 3B/1B without an addition that would be comparable with other rehabs in the area. In doing so, part of the floor was raised, the entire roof structure was replaced, walls removed and a window closed up. As a team architect, I did our own design solutions. The final sale of the deal was PP $145,000; Rehab $55,000; Sold Price $270,000. It was an FHA sale so we had to provide some concessions to assist the first time home buyer.
Rehab Details
Property City:
Capitol Heights
Property State:
MD
Purchase Price:
$145,000
Repair Costs:
$55,000
Sale Price:
$270,000
Case Study
How did the FortuneBuilders team and resources help you to accomplish this deal?
During the course of the 8 months hold time we spoke with many of the Field Coaches regarding funding, contractors, contracts, 6 critical documents, rehab scope of work, accepting offers, marketing, and other topics. We learned a lot from the various coaches we spoke with from their experiences and projects that they have done. We also log on to the weekly webinars on specific topics during the rehab to keep our alignment in learning while doing the work. One thing we really did was to understand the Deal Analyzer and make it work for us. As a resource, the Deal Analyzer Review team was very helpful and is a great resource.
