Charles MacDonald

LIONHEART LUXURY PROPERTIES in PETALUMA, CA

This property was listed on MLS as a foreclosure, originally listed at $449,000. The property had good bones even though the flow and the layout of the house was not good. The property had sat on the market for a while and was in need of some serious cosmetic updates. I had a built a business relationship with the listing agent from a previous rehab project and was able to negotiate a $66,500 discount to get the deal done! I funded the deal using Hard Money Loan for purchase and rehab cost. A fellow Fortunebuilders Residential Redeveloper provided Gap Funds / JV on the project for the experience. We made numerous cosmetic repairs & modernizations to bring it back to life with a stunning renovation!

Rehab Details

Property City:

VALLEJO

Property State:

CA

Purchase Price:

$382,500

Repair Costs:

$65,000

Holding Costs:

$14,838

Sale Price:

$550,000

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Case Study

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

Being a Fortunebuilders Mastery Inner Circle student was instrumental to the success of the project. I was able to implement the deal analyzer & repair estimator to thoroughly get a realistic rehab budget, based on those numbers I was able to present the listing agent with the reality of what was needed and why it was on market for an extended period of time. Utilized the scope of work and contractor onboarding process to line up needed contractors. Many of the contractors I had used on prior projects so they were up to speed with how we operate with the 6 Critical Documents.