Sue Rodgerson Rehab Deal

 

Sue Rodgerson Rehab Deal

Golden Road, Inc. in Berkeley, CA
Sue Rodgerson with Warren Rodgerson

This property came to us from a realty company that gets homes in a contract and then assigns them to investors for a fee and they get the agent commission. This was a house that was in a lovely neighborhood within walking distance to many popular restaurants and shops. It had much charm, but needed some foundation replacement, rot repair (had to build a completely new front porch and stairs), new plumbing and electrical, new furnace system, a completely new kitchen and then paint inside and out. We were able to keep the bathroom tub and tile and then update the fixtures and tile flooring to keep the retro style! As many of the homes in the area are small, people appreciate an extra usable space. We refurbished the old garage, added a window and electrical/lighting and made a viable studio space.

Rehab Details

Property City: Berkeley
Purchase Price: $664,400
Repair Costs $233,519
Holding Costs: $196,013
Sale Price: $1,185,000

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Case Study

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

We had a very strict budget on this house and we were sure to have a clear scope of work. We used the pest report provided at the purchase as a guide to the repairs for budgeting purposes as well as expectations for the subcontractors. We were sure to get the pest report cleared prior to the sale. The key to this house was to keep it simple and practical- do the work to get the best price on the sale without letting our emotions take over. For example, it would not have paid off to completely gut this bathroom as it probably would not have increased our ARV. As FortuneBuilders teaches us, it is very important to know your ARV and not overbuild for the neighborhood.




Before & After Photos