Bethany Finch Rehab Deal

 

Bethany Finch Rehab Deal

American Made Home Solutions, LLC in Mount Vernon, WA
Bethany Finch with Kurt Finch

This deal was brought to us by a wholesaler, who had trouble moving it because of squatters. We funded this deal with a local hard money lender and a private money lender. After clearing out the squatters it took four 30-yard dumpsters to clean out all the trash they left. We worked with the local building inspector to determine what needed to be permitted based on the repairs. He was so respectful of the fact that we sought him out and did what he asked of us that he has made things super easy for us in the permit dept. from there on out. After the rehab was completed and we put it on the market, a potential buyer's inspection flooded the basement and refused to pay the $10K worth of damage they caused so we had to go to court. We ended up pulling the property off the market and did a rent-to-own with a 1-year lease agreement that would turn into a purchase agreement and lock in the price. The occupants put down a $30K non-refundable deposit and moved in. The cash-flow was $800 per month while they lived there. Unfortunately 2-months before their year they stopped paying the rent and we had to evict them. We did a quick renovation and put the house back on the market. We sold it while attending the Bootcamp for $359K, the original ARV when we completed the deal analyzer was at $330K.

Rehab Details

Property City: Mount Vernon
Purchase Price: $170,000
Repair Costs $92,000
Sale Price: $359,000

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Case Study

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

Every aspect of this deal was made possible by a FortuneBuilders team member. The wholesaler was a FortuneBuilders student, the Mastery program taught us everything we know. Their systems set us up for immediate success and credibility with all the parties involved. We were on so many different Field Expert calls because of this project and the many challenges we ran into ranging from contracts, lease agreements, numbers, contractors and just the inspiration to keep going including what to do when your losing money. Our private money lenders were FortuneBuilders students.




Before & After Photos