Dominic Cretella Rehab Deal

Rehab Details

Property City: Hamden
Purchase Price: $65,000
Repair Costs $42,500
Holding Costs: $17,613
Sale Price: $168,800

* 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 searched (begged) for private money to fund this project. Even though my partners and I have pretty extensive construction and remodeling experience this was still our first flip. Many lenders were very skeptical to loan us money. We really believe in this business and were very passionate about this project so we asked for help from Family and Friends. Using these resources as well as Home Depot Revolving Credit we got the project funded. Trust me people, it gets easier finding investors once you have a deal or two under your belt!

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

This house was in pretty bad shape! The exterior needed new Siding, Windows, Doors, Trim, Rot Repair, and a Roof Over. We had minor landscape, deck and fence repair, and a new driveway installed. On the inside we remodeled the kitchen and bathroom completely, Updated all the electrical and plumbing. We replaced the old electric heat with a new combo boiler unit for heat and hot water using propane gas. Added living space by finishing two thirds of the basement into a bonus room and second full bathroom/laundry room. Refinished hardwood floors in living room and hallway, installed tile in kitchen and bathrooms, and installed carpet in the bedrooms and bonus room. Installed all new light fixtures and ceiling fans. As a feature we installed a Honeywell Security System protecting against Fire, CO, and Burglary. We offer a one year prepaid monitoring contract to the buyer.

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

Once the project was completed we took several pictures and posted them to our Facebook Page. When we were ready to schedule the open house we personally posted the house on Zillow with a few pictures. Then we used the power of Facebook to spread the word of our open house, we copied the Zillow Link to our page and paid $7.00 per day for 5 days to promote that link. We had a great turnout at the open house even being 5 days before Christmas....

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

DON'T BE AFRAID!! Study and learn the Fortune Builders Systems, USE Them!! Double check your numbers and comps. Rehab the property right, don't cut corners. Remember what we learned from FB - People before Profit! List the property correctly, do not over price, be fair!!!

Shout Outs & Testimonials

FORTUNE BUILDERS MADE THIS POSSIBLE IN SO MANY WAYS!! Thank you to everyone at FB who worked with us, answered our questions, and helped us! We bought, rehabbed, and sold this property in under 4 months and we have only been Mastery Students since September 2015. A Special Shout Out Thank You goes to Paul, Thanks again for everything!!rnThis was our first flip and we really did crush it!! We have an amazing team here at Fresh Start Homes. My partners Joe and Marc, and I worked really hard to complete this project. We have to recognize our wife's Michele and Michele, our family members Ed, Ange, John, and Angela, our friends Frankie, Scott, Mario, Mikey, and Kyle for all their support and help. Thanks to our team of professional's - Dawn, Don, Jennifer, and Lynda just to name a few. We can't forget our kids Joseph, Mikayla, and Johnny!!

Before & After Photos