Lorelei Tolosa Rehab Deal


Lorelei Tolosa Rehab Deal

Wavelength Properties in Coquitlam, BC
Lorelei Tolosa with Lougie Cabael (President), Erich Herrera (Projects Director), & Lorelei Tolosa (Marketing Director)

Rehab Details

Property City: Coquitlam
Purchase Price: $542,000
Repair Costs $109,653
Holding Costs: $56,927
Sale Price: $780,000

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Case Study

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

This property came from one of our Bandit Signs. We posted about 45 bandit signs throughout 3 different neighborhoods that were in demand. rnrnWe used a Private Lender, who we found from calling local Alternative Lenders, to fund 75% of the purchase with 2% points and 10% interest for a minimum of 3 months. The other 25% came from private funding from family to whom we offered 10%. The rehab costs of $107 we financed ourselves.

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

Full interior renovation took 8 weeks: split-level home turned open concept with all new fixtures, lighting, flooring; all kitchens and bathrooms redone; ceilings skimmed in all main living areas; front door lowered; double attached garage turned into an enclosed recreation room plus single garage, which increased square footage from approximately 1500 sq ft to 1800 sq ft.

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

Realtor listed on MLS 3 days prior to open house. Marketing for open house was done by realtor via MLS and Online Sites. We also promoted the open house ourselves via social media and neighbourhood flyers.

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

To be more diligent utilizing the Fortune Builder systems as a whole. To not take on too much of the project management tasks yourself.

Shout Outs & Testimonials

Shout out to the FB Coaches that pushed us to get our marketing going. Without that we wouldn't have gotten this deal. Also, one particular FB Coach helped give us the idea of how to make this Seller accept our offer at a price that would be feasible for both parties.

Before & After Photos