James Hunt Rehab Deal

 

James Hunt Rehab Deal

Gateway Property Partners in St. Louis, MO
James Hunt with Bob Wibbenmeyer

My partner’s management company was managing the property for a bank. The bank approached us to purchase the property. A week before closing on the purchase the tenants approached us about buying the property. We negotiated a deal to sell to them and reduced repairs to only those that they requested. We put new tile flooring in the kitchen, repaired a garage door, put in a new range and backsplash, fix a few doors and redid some landscaping that is the owner's responsibility. This project had many trials as the tenant had trouble obtaining financing for the purchase. We went through 5 different contracts and could have easily moved on. However, part of our mission is to help others. Through this deal, we were able to pay 2 lenders back with 10% interest, allow long term tenants of a property to purchase the property with equity and lower their monthly payment, and make a profit.

Rehab Details

Property City: St. Louis
Purchase Price: $110,000
Repair Costs $8,000
Holding Costs: $7,000
Sale Price: $170,000

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Case Study

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

FortuneBuilders helped us in evaluating and analyzing the rehab to determine that it was a good deal.