Pino Tenerelli Rehab Deal

 

Pino Tenerelli Rehab Deal

Affordable Pro Homes & Investments, LLC in Lancaster, CA
Pino Tenerelli with Patsy Tenerelli; Jose Amezcua

We did driving for dollars, the house didn't look terrible but was definitely the worst looking in that really nice neighborhood. The owner called us after receiving our 6th postcard and stated he wanted to sell. We agreed on a price and found the interior to be one of the worst we have ever purchased. The owner's adult son was living with about 10 cats and the house smelled like cat urine all throughout. We had to bleach treat and primer twice to get rid of the smell. We opened up the kitchen and did a cosmetic rehab (flooring, paint, landscaping, full kitchen update, full bathrooms update). This transaction was definitely unique for several reasons. This has been our largest profit to date: $120k; and even more incredible was the return percentage of 60%! This is unheard of in our market (or possibly any market?)

Rehab Details

Property City: Lancaster
Purchase Price: $121,000
Repair Costs $53,560
Holding Costs: $39,610
Sale Price: $334,900

* These examples depicting income or earnings are NOT to be interpreted as common, typical, expected, or normal for an average student. Although we have numerous documented successful deals from our coaching students, we cannot track all of our students’ results, and therefore cannot provide a typical result. You should assume that the average person makes little to no money or could lose money as there is work and risk associated with investing in real estate. The students depicted have participated in advanced FortuneBuilders’ training and coaching. The participants shown are not paid for their stories; however, some of the students depicted may also be a FortuneBuilders' coach, and our coaches are compensated for their services. We believe in full transparency, so please read our Earnings and Income Disclaimers and Terms of Use.



Case Study

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

Consistency definitely paid off. The sellers mentioned that our postcard gave them a "warm feeling" that we were the "real deal". We had a local number, our picture was on postcard and website. They mentioned we had to be "the real thing if we brave enough to put our faces on a postcard." They also looked up our website and saw our work and other projects. They mentioned that they had already built rapport before even calling us. The day we met they signed within the first 7 minutes and then spent almost an hour talking about food and wine. This is something we have definitely learned from Bootcamps and networking with others. We were also able to implement, "people first, profit second". We were able to give the sellers $10k over what they wanted ($6k for cash for keys for their son and $4k for storage and moving costs).




Before & After Photos