Marci Sadler Rehab Deal

 

Marci Sadler Rehab Deal

Primo Property Solutions in Hastings, MN
Marci Sadler with Ken Lundquist

This started out as a great opportunity off the MLS. It was a well-kept house that needed mainly cosmetic repairs. We ended up changing scope once we got into the deal and added a bedroom in the basement, upgraded the original bathroom and finished off the entire basement. During the initial phases, our contractor left and we had many difficulties finding new contractors during the busy summer months. The project dragged on, costs increased and the change in scope severely impacted the overall deal. This was a great lesson learned to 1. have an arsenal of contractors lined up, which we do now 2. Don't change your scope unless you know the market will support the deal. At the time we were in the middle of an extremely hot summer market and properties were not lasting more than a few hours on the market. With all of our delays, we missed the summer market and ended up lowering the price.

Rehab Details

Property City: Hastings
Purchase Price: $225,000
Repair Costs $99,163
Holding Costs: $9,693
Sale Price: $290,000

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Case Study

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

The coaches helped us to identify additional contractors and to build up our pipeline. This was a learning experience all around.




Before & After Photos