Elaine Gordon Rehab Deal

Rehab Details

Property City: Waterford
Purchase Price: $165,000
Repair Costs $124,100
Holding Costs: $25,200
Sale Price: $395,000

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Case Study

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

As this was our second deal we had a broker who had put us in contact with a private lender. The same lender of our first deal lent to us again for our second. We financed 100% of purchase and rehab at 9%- making month interest payments. The rehab money was advanced to us in 3 draws.

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

The property was an abandoned new build. We made some minor changes to the interior walls, then all we had to do was insulate, drywall and finish. Due to a drainage issue we had to install an interior weeping tile with sump pump system to ensure the basement would never flood. This is a country property with no municipal sewer/drainage systems.

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

As advised by our coach, we put our FOR SALE sign out before we were finished, just to spark interest. We had 14 people lined up for a private open house within 4 days of the sign going up. We allowed one couple to go through before it was finished and then we decided that it was a safety risk and agreed to wait until it was complete before anyone else could go through. No one else saw the house. The first couple made us an offer and we accepted and closed 28 days later.

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

This being our second rehab, we did not make as many mistakes as the first, but there were some. Bob is still too involved with all the work. We did engage more contractors, we just need to engage more. And like I always say “ do as you are taught and advised, as our coaches really do know what they are talking about, and it really does work”

Shout Outs & Testimonials

Big Big shout out to our awesome coaches Darlene Smith and Jeff Fallon. They were always there for us, and always left us knowing we could and would succeed. There were time when we would start to doubt ourselves and they were always there to ensure us that we had it in us to get it done… and they were right … we did and still do!!

Before & After Photos