Vera Copeland Rehab Deal

 

Vera Copeland Rehab Deal

P2PProperty Solutions in Duluth, GA
Vera Copeland with Vanity Bonsey

This amazing opportunity was presented to us by one of our realtors as a probate property. We got this property under contract while attending a FortuneBuilders Bootcamp in October 2019! Once we were under contract, we secured financing through a company we were introduced to during a Bootcamp. We had been interviewing several contractors at the time, that would work with our proven systems to rehab our property. We completed this rehab project on time and budget, however, were presented with many challenges. The house 1st appraisal came in under what we and the realtors were anticipating but because we were diligent and read the appraisal report we determined the appraiser had made a mistake on the square footage of the property. We pushed back on the appraisal as we knew it was incorrect. Long story short we told the broker, appraiser, and buyer, that we would not accept the appraisal and that they better not provide or attach that appraisal with the property or we would report everyone that had a license for misconduct. We terminated that contract with the buyer. We accepted another offer on the property for over asking price and it was now under contract again. Now the lessons learned here were the buyer was using an FHA loan to purchase our property and we had not owned the property long enough and because the amount of profit was so large they required us to have a second appraisal on the property. The initial appraisal came in above where we thought it would, but the second one came in lower and now the buyer’s lender was trying to get us to accept the lower offer. We would not accept it and stood firm and after some negotiating the buyer wanted the property so they settled with our price and we closed the deal.

Rehab Details

Property City: Duluth
Purchase Price: $102,000
Repair Costs $45,014
Sale Price: $210,000

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Case Study

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

FortuneBuilders provided all of the education we needed and the systems to get the deal done and the right way. This was an awesome experience and we are looking forward to the next one. If COVID-19 had not interrupted our flow we would have completed a second rehab that we had under contract, but the lender flaked on us at the last minute.




Before & After Photos