Charles Tillman Rehab Deal

 

Charles Tillman Rehab Deal

JRK Property Solutions LLC in Thomasville, GA
Charles Tillman with Alma

My mom drove past this property and saw the FOR SALE sign. She knew the owners and was concerned that they were losing their home (due to a Foreclosure). So we contacted the Realtor and put in 4 bids. It took 45-days before our bid was accepted. By the time our bid was accepted the price was lowered by $8,000. We used AngelOak funding for a hard money loan. The loan covered the funding for the purchase and rehab of the home. After the appraisal came back, the Financing agent called us and said, "You have a DEAL of a LIFETIME". He told us that the house appraised at $135,000 and we did not have to pay a down payment at closing. So we purchased our first deal with NO MONEY DOWN! We were so excited, we got busy getting our Contractor together and the documents prepared to start renovations. We had a few offers to purchase, however, no one was able to close (in our time frame) with all their financing in place.

Rehab Details

Property City: Thomasville
Purchase Price: $61,000
Repair Costs $14,000
Holding Costs: $3,000
Sale Price: $125,000

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Case Study

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

We received a lot of documents (tools) to be professional on this deal. We submitted a repair estimator worksheet to the lender as well as our estimate of the expected return from the sale. Since the prospective buyers couldn't close within out time frame, we agreed with one of them to pay a $6,000 down payment and we did a 2-year lease option to buy. We used our coach (Joann Anderson) to guide us through our options and we used the tools on the website to prepare a Lease agreement and all the necessary forms for the Lessee. All of the 6 Critical Documents we used with the rehab as well as the scope of the working directory for the Contractor. Because of the FB team and tools we were very well organized and everyone we worked with (even Lowes) was very impressed.




Before & After Photos