Christine Stokes Rehab Deal

 

Christine Stokes Rehab Deal

Freestyle Property Solutions, LLC in Maiden, NC

As my first project, I got lucky with this one. Networking – Social media was key to how I got this deal. It was a double-wide mobile home, totally gutted when I got it. Since everything was exposed, I had no surprises. Since it is a bit challenging to find lenders on manufactured homes, my private money lender was me. Took a loan against my HELOC and my self-directed 401k. Everything on the interior of the house was replaced – new. All was completed, on the market and under contract in 10 weeks. This 12-week project turned into 28 weeks due to circumstances out of my control. The Coronavirus played a part in the delays. What a ride, rode the waves, bobbed and weaved and now to celebrate my first rehab sold. CAW! Going into this project, I had the mindset that this double-wide was going to be my learning project and if I make at least 10k, then bonus! I did just that.

Rehab Details

Property City: Maiden
Purchase Price: $55,000
Repair Costs $36,479
Holding Costs: $13,805
Sale Price: $116,000

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Case Study

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

I was very fortunate to have the connections with coaches (Christy Duckett, (expert on mobile homes) Chad Tate (local expert) and Kristina Stanbery (Marketing - IQA) and other investors who provided their advice, experiences, resources, support, and encouragements. I could not have done it without them and the tools, systems, and education provided by FortuneBuilders. The marketing and Internet Quickstart strategies to get involved with Facebook groups and meetup groups really worked in my case to make those connections with other investors. The deal analyzer and repair estimator are awesome tools and are essential!




Before & After Photos