Gary & Rosalind Riley Rehab Deal

 

Gary & Rosalind Riley Rehab Deal

Household Realty Development Group LLC in Los Angeles, CA
Gary & Rosalind Riley with Gary & Rosalind Riley

This property was a pre-foreclosure that was built in 1897. Very little work had been done on the property since it was built over 100 years ago. Our initial estimate for repair costs was $80,000 but of course, due to the age of the property we went way over budget. However, we purchased the property at such a low price ($200,000) that we were comfortable with the expanded budget because the deal had quite a bit of potential profit. During the renovation, we discovered two major issues that impacted our profitability. The property is designated as a historic resource in the city of LA which makes permitting & exterior modifications much more difficult and costly. The property was also built on a brick foundation which is not deemed seismically sound based upon the current city of LA building codes. As a result, we discounted our $505,000 original asking price to $490,000.

Rehab Details

Property City: Los Angeles
Purchase Price: $200,000
Repair Costs $151,976
Holding Costs: $39,417
Sale Price: $490,000

* These examples depicting income or earnings are NOT to be interpreted as common, typical, expected, or normal for an average student. Although we have numerous documented successful deals from our coaching students, we cannot track all of our students’ results, and therefore cannot provide a typical result. You should assume that the average person makes little to no money or could lose money as there is work and risk associated with investing in real estate. The students depicted have participated in advanced FortuneBuilders’ training and coaching. The participants shown are not paid for their stories; however, some of the students depicted may also be a FortuneBuilders' coach, and our coaches are compensated for their services. We believe in full transparency, so please read our Earnings and Income Disclaimers and Terms of Use.



Case Study

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

We used most of the tools that FortuneBuilders offers: Deal Analyzer, Repair Estimator, Scope of Work and the Seven Stage Rehab System.




Before & After Photos