Rodney Joseph Rehab Deal

 

Rodney Joseph Rehab Deal

Sunrise Real Estate Solutions, LLC in Miami, FL
Rodney Joseph with N/A

I met a Real Estate agent from Miami through networking. I live in Baltimore but he would send me deals occasionally. I would run the deals through the deal analyzer, though they were good deals they weren’t great deals, especially to complete as my first rehab 1100 miles away. Eventually, he sent me one too good to pass up with a 26% ROI so I flew down and we got it under contract. Things did not go as planned for a variety of reasons and we had to do a much lighter rehab than originally planned. With our limited budget, we focused on the landscaping and exterior as they were in rough shape and totally redid the master bathroom that was dated and in bad shape. We replaced doors, hardware, etc., retiled the fireplace, painted the entire house and changed the flooring in the kitchen. It was unique as it was my first rehab and it was 1100 miles away.

Rehab Details

Property City: Miami
Purchase Price: $370,000
Repair Costs $34,000
Holding Costs: $65,000
Sale Price: $490,000

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Case Study

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

I was able to identify a deal with good profit potential using the deal analyzer. While the deal didn't really go as planned and we made a much smaller profit than anticipated with the projected ROI of 26% from the deal analyzer I knew we would have room for error. I had a coaching call with Keith Fiskum to discuss joint ventures and that was very helpful.




Before & After Photos