Stephen Gandy Rehab Deal

 

Stephen Gandy Rehab Deal

Point Clear Property Solutions in Fairhope, AL
Stephen Gandy with Shannon Gandy

Realtor brought us the property. We use our FortuneBuilders repair estimator, ran our own comps to come up with our ARV. Determined an acceptable profit being it was our first deal and we were looking for relationships with city, contractors, investors, etc. Walked the property with a contractor. Drew up construction plans to take to the city and discuss with inspectors what we should expect, etc. Got HLM and PML to finance deal. Gutted half the house to construct the new layout, raised sunken floors to make the previous additions flow, renovated baths, and kitchen. Put down all new wood floors. Worked side by side with the contractor to save our budget due to unexpected costs. Marketed some on our own before completion. Raised the list price with a realtor. Put on the market the week all local events were canceled due to Covid19. Got acceptable Cash offer in 4 weeks.

Rehab Details

Property City: Fairhope
Purchase Price: $308,000
Repair Costs $84,840
Holding Costs: $50,064
Sale Price: $485,000

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Case Study

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

We had credibility with lenders, realtors, and the city due to our organization, on hand tools, education of who to go talk to, questions to ask AHEAD of time, etc. Scope Of Work and Repair Estimator are key! Knowing how to develop comps to determine ARV. FortuneBuilders coaches encouraged us and empowered us. We would not have networked and marketed without FB by our side. Workshops gave an added boost. Online educational videos are priceless. The Full Immersion is outstanding. 3 day, Dave Seymour-"put in a wine cooler". There are so many little things we have learned along the way by staying connected!!




Before & After Photos