FortuneBuilders

Theresa LaFond Rental Deal

Millington, TN
Theresa LaFond with LAYOUNG INVESTMENTS LLC

Rental Details

Property City:	Millington
Purchase Price:	$20,000

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Case Study

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

Same Private Lender used in the past! Balloon Payment payable in 2-years. Terms 12% interest per yr. So,

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

Rewired entire 1200 sq/ft home (from street pole to holes in walls) and 600 sq/ft garage. Installed a new HVAC system and vents throughout home. Rebuilt Roof. Painted entire inside home and placed new hardwood floors in bedrooms. Bathroom required small amount of work.

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

Lessons on this home are numerous but instrumental! This 1953 house has been closed up for over 3-years. Electrical was not in code so our electric company would not turn on the electric or gas until the system was up to code. There was no heating or air conditioning in the home - we should have looked for air ducts. Part of the electrical system was placed inside of a cabinet in the KITCHEN! and not in code! No insurance coverage until new roof, new electric, and new tenant. Rehab took longer than 30 days so we lost the insurance. Quickly recovered though. Now we have a tenant and insurance.