Brian Krueger Rehab Deal

Rehab Details

Property City: Tiffin
Purchase Price: $98,000
Repair Costs $13,000
Holding Costs: $1,500
Sale Price: $144,900

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Case Study

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

We just went in and talked to a family friend and he just so happened to be a commercial loan officer, At 5% for 6 months. The house was sold a few days into the 4th month.

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

This home was very solid as the exterior walls were constructed of concrete, the foam block was covered with stucco layer that was not looking good, we found a contractor that put strips on the home to hold the vinyl siding on it. There was a lot of extra dirt around the property so we removed some to get dirt off the the cold-joint as we had water getting into the property, once the dirt was removed we had no more water issues. The water heater had to be replaced as it was full of water when it was shut off and the freezing temps in the winter here cracked the tank. The inside needed some TLC so we just cleaned for the most part but re-painted all the rooms replaced some of the base that had water damage/mold from the leaking water in the home. replaced all the carpet and sheet vinyl in the home adding Stainless appliances to finish this project.

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

We listed it in the MLS, we had been talking with an agent that had just started looking for a house in that neighborhood. We were not quite done with the rehab so just told her what we wanted for it and she continued looking. The day it was listed she called minutes after it became live and wrote a full offer & Closed 30 days later.

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

This rehab went smooth for the most part, but if I were to point out this, we did some of the work on this project mostly the painting it took about 9 hours, I would have liked to be on the golf course instead. so it just makes since to hire someone to do the work for you.

Before & After Photos