Michael Borger Rehab Deal

Rehab Details

Property City: Honolulu
Purchase Price: $187,380
Repair Costs $8,934
Holding Costs: $29,184
Sale Price: $295,000

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Case Study

How did you find and structure the financing of this deal?

The seller found my website online and contacted me to avoid a foreclosure. I bought the condo subject to the existing mortgage, reinstated both the delinquent mortgage and association dues to bring the property to good financial standing.

Provide a summary of the repairs and improvements you made to the property.

We painted the condo, installed new laminate flooring, replaced the tub and upgraded other plumbing and lighting fixtures as needed.

How did you find a buyer for the property if you sold it?

I listed the property with a flat fee, full service broker who I've worked with on many properties in the past. He quickly found the buyer who submitted a full price offer.

What are some of the major lessons learned that you would like to share with other students that they can learn from?

This was the first deal I completed without ever having visited the property. If you have the right team in place following the right systems, then you can truly outsource much of your real estate business.

Shout Outs & Testimonials

Thanks to FortuneBuilders for teaching me the systems to invest in real estate without ever seeing the property.

Before & After Photos