Colin Nichols Rehab Deal

Rehab Details

Property City: Winnipeg
Purchase Price: $204,808
Repair Costs $75,010
Sale Price: $324,900

* These examples depicting income or earnings are NOT to be interpreted as common, typical, expected, or normal for an average student. Although we have numerous documented successful deals from our coaching students, we cannot track all of our students’ results, and therefore cannot provide a typical result. You should assume that the average person makes little to no money or could lose money as there is work and risk associated with investing in real estate. The students depicted have participated in advanced FortuneBuilders’ training and coaching. The participants shown are not paid for their stories; however, some of the students depicted may also be a FortuneBuilders' coach, and our coaches are compensated for their services. We believe in full transparency, so please read our Earnings and Income Disclaimers and Terms of Use.

Case Study

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

We found the deal from a realtor that I work with. She sends me listings on a constant basis and she picked this one out for me and the numbers worked. The financing came from a hard money lender and funds from the three companies involved.

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

The property had to have the main electrical repaired as it was disconnected and we required that to move the flip forward. We decided to demo the house with heaters in the basement while we waited for the electrical to be repaired. The electrical was repaired and the removal of the existing kitchen and bathroom moved ahead. The remainder of the house required a good cleaning and updating with paint and new drywall for the ceiling. The windows were all replaced, bathroom and kitchen were redone. The kitchen had all new stainless steel appliances, granite counter tops and glass backsplash. We added new interior doors, trim and new laminate to complete the upstairs. The basement was a clean slate as it was four insulated walls that needed drywall and interior walls to finish the plan. The bathroom in the basement was roughed in but we had to crack the concrete to make the bathroom into a three piece bath. We added another bedroom to the basement and a large laundry room. We completed the basement with new trim , doors and carpet to complete the flip.

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

The realtor held an open house the weekend after we were complete and after an intense amount of traffic we received an offer. The house was so well received that the new owner thought the home was going to receive multiple offers they wrote an offer for full list.

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

One of the major lessons learned from this flip is to make sure all those people involved are on the same page. Make sure all JV partners are all contributing equally or to have it written down that maybe only one person has control of time lines and the creative control. Make sure you have written agreements.

Before & After Photos