Karen Bowman Rehab Deal

 

Karen Bowman Rehab Deal

Revelation Homes in Madison Heights, VA
Karen Bowman with Matthew Bowman

We found this property on Facebook Marketplace. It was a probate property; the seller inherited her mother's house and needed to sell it quickly to pay off her mother's final medical bills. The house was in good livable condition, but we were able to see the potential far past its current state. It needed updating, so the scope of work included gutting the kitchen, opening up a wall between the kitchen and basement staircase, rebuilding the basement staircase, finishing off half the basement to increase property square footage, minor updates in the bathroom, tearing out carpet over hardwood and refinishing the hardwood floors, and fresh paint and updated fixtures throughout. We financed the purchase through a HML, and financed the rehab ourselves. Unfortunately, we couldn't get any contractors on board with us fast enough, as this was our first deal, so we GC'd it ourselves and subbed out about 80% of the work. We completed the rehab in less than 60 days, had it under contract in 12 hours over the listing price, but that contract fell through after 2-weeks. We had it under contract again within 3-days with multiple offers and closed approximately 30 days later.

Rehab Details

Property City: Madison Heights
Purchase Price: $71,000
Repair Costs $25,000
Sale Price: $146,500

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Case Study

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

We completed the initial deal analyzer submitted it through the deal review to make sure we had not overlooked anything, and we had several coaching calls throughout the process. The documents available to us through the Mastery site were helpful in all aspects of working through the deal.




Before & After Photos