Steindor Gislason Rehab Deal

 

Steindor Gislason Rehab Deal

ZIPCODE GROUP LLC in Norwalk, CT
Steindor Gislason with Claudia Gislason

We sent out direct marketing mail from a list we gathered through Realeflow and found this pre-foreclosure. It took almost 4-months to acquire the property. The home was occupied and the tenants had been served an eviction notice by the owner. We purchased the home for $230K and it was funded 100% by a private money lender at a fixed rate. The homeowner walked away with equity instead of losing his home to the bank. The house was a typical hoarder house and had a terrible smell. We found a general contractor who oversaw the project for us from beginning to end. Renovations included the kitchen, 2-bathrooms, and finished the basement. We also converted from oil to gas and added a new central air heating and air conditioning system. Along with updating the electrical system from 60 amps to 200 amps we also repaired the roof, refinished the hardwood floors, paint, doors, and hardware with a $68K renovation budget. After listing the property on the MLS ourselves and conducting 4-weekend open houses, we accepted an offer within 30-days and closed in another 30-days with a sale price of $413K. Net profit $58K.

Rehab Details

Property City: Norwalk
Purchase Price: $230,000
Repair Costs $69,200
Sale Price: $413,000

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Case Study

How did the FortuneBuilders team and resources help you to accomplish this deal?

As FortuneBuilders Mastery students we were coached every step of the way from amazing coaches. We utilized the systems, from creating the scope of work to using the 6 critical documents, to analyzing the deal with the deal analyzer software. We felt confident having such a support system available to us, and we attended all boot camps available in the region including a trip to Las Vegas for Ignite.




Before & After Photos