Roger Wadstein Rehab Deal


Roger Wadstein Rehab Deal

High River, Alberta
Roger Wadstein with Wendy Wadstein

Rehab Details

Property City: High River
Purchase Price: $135,000
Repair Costs $10,720
Holding Costs: $10,028
Sale Price: $185,000

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Case Study

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

We loaned our company 100% of the financing for this deal from our HELOC.

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

We acted as the General Contractor and Project Manager for this rehab and we had the basement re-wired, new insulation and poly, replaced the bottom four feet of insulation, poly and drywall on the main floor, pulled out some stub walls, installed a new tub in the main bath and primed the whole house.

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

A contractor working on a house a few doors down dropped in to see our progress and liked what we had done so far. He partnered with an investor and they offered to purchase the property as it sat, in order to finish it themselves. They took possession May 23rd.

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

Even though the profits would have been greater had we finished the rehab, we decided to take the offer and move on to our next project, as this property was over an hour drive each way and time-consuming to manage. We learned that having a good General Contractor is invaluable. We are looking for a new deal closer to home for our next flip.

Before & After Photos