Brett Higson Rehab Deal

Rehab Details

Property City: Victoria
Purchase Price: $589,000
Repair Costs $27,483
Holding Costs: $5,044
Sale Price: $649,000

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Case Study

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

Found off market through a friend referral. Him and his wife were looking for a home, this one wasnt for them so they sent it over to me. Owner financed. The seller agreed to give us 2.5 months with his mortgage in place to complete the rehab and sell. We also agreed to pay their property taxes for the year.

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

Full bathroom gut and remodel. New paint interior and exterior. New kitchen countertops in both suites, new baseboards and trim throughout main floor suite, 200 Amp Electrical upgrade, new soffits and back door trim, painted top railings on deck, upgraded all receptacles and switches, repaired wooden structure around fireplace and painted the fireplace white as it was decommisioned,

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

Through our first weekend open house. It was the 3rd person through who ended up buying it. Listed through our friend who is a realtor. rnWe had 10-12 off market potential buyers come through but in the end, our realtor won with the most solid offer.. We made him a bet to see who could sell the house first... 15 years of experince was a tough challenge but we were up to it!

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

Leave much more time to sell a property than you think.. we only had 6 weeks which we thought would be no problem in this hot market but we almost didnt make it!rnBe very firm on the negotiations in the beginning. We felt like if we pushed too hard, we may have lost the deal.. We hunted for almost 6 months before we found one. Most house sales we're going into multiple unconditional offers when we put the property under contract. The 6 critical documents with contractors are key to hold them to account and to a high standard. Plan , Plan , Plan. The more time spent upfront saves a ton of time down the line. While there will always be variables that throw off the process, you can mitigate a lot of wasted hours with meticulous planning in the beginning.

Shout Outs & Testimonials

We were on the phone with Mel Feller almost once a week through the deal. He was a huge resource for us.. Darlene Smith, our fearless canadian FB leader was always there to answer any questions we had. She also lead our immersion and marketing courses. Coach Katie O'brien for leading our inital 2 hour intro seminar with FB. Ralph Plumb for the initial 3 day weekend that started us down the crazy path and last but not least Than, JD, Paul, Jeff, Konrad and everyone else who put in the work to build this amazing educational community. rnrnIts been 18 months since I joined mastery. My real estate knowledge was absolute zero.. we have now completed a flip, just purchased a million dollar home with a JV partner where we are currently living for free as the rental income covers the mortgage and utilities. We are also building 2 tiny homes on the property, once we move into those, the property will be 2000/month positive cash flow. We are also about to start our second owner financed flip on October 1st and we're very excited to take all the lessons we learned from the last one and excel !

Before & After Photos