Norman Lux Rehab Deal

Rehab Details

Property City: Sherborn
Purchase Price: $385,000
Repair Costs $195,700
Holding Costs: $67,700
Sale Price: $720,000

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Case Study

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

I found this deal through our own Direct Mail campaigns. We financed the deal through Private Money as well as Hard Money.

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

This home is just over 3800 sq. feet with 4 bdrm, 3 1/2 baths, and needed everything from a new septic system to roof and everything in between...full gut and rehab of kitchen, bathrooms , hardwood flooring, heating system, a/c system..BIG REHAB!!!

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

We found the buyer through open houses.

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

#1 , Understanding your market, this was a high end community with 'high end clientele', this market had a longer than normal DOM, as well as more finicky buyers... Not your typical 1st time home buyer!! #2 , Leverage other financing arms, we used Private and Hard money which was a big expense because of the holding time..This encouraged us look and interview local/regional banks and build new relationships the future projects.

Before & After Photos