Shonda Neal Rehab Deal

 

Shonda Neal Rehab Deal

Premier Realty Solutions LLC in Neptune, NJ

When I started looking for this deal I had a partner, he quit before I purchased the property right after I returned from my first Bootcamp. I was looking at the MLS listing and driving the neighborhood when I discovered this gem. I really thought this was going to be a knockdown. Not only did it have severe fire damage, but it sat in that condition for 18 months. It was very nasty! My ex-partner was a contractor I had only been with FortuneBuilders for 2.5 months. I could not get financing for a new build because of my lack of experience. So I had to find a contractor, demo to the studs, and totally rebuild from the studs up, including the roof. I transformed the property from a 2 bed 1 bath and a garage into a 3 bedroom 2 bath with a finished basement. I was able to finance through a hard money lender at 85% purchase and 100% rehab.

Rehab Details

Property City: Neptune
Purchase Price: $149,000
Repair Costs $165,000
Holding Costs: $25,000
Sale Price: $430,000

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Case Study

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

Even though I had successfully rehabbed a property before FortuneBuilders, It was a minor rehab job. I immediately reviewed the rehab process and how to choose a contractor. I went to work determined to hire a great contractor. After the inspiration, I received from the women's forum at the Bootcamp where they overcame every hurdle that I was encountering from losing a partner to having a frivolous lawsuit bought up against me. I just followed the systems. I made sure the 6 critical documents were utilized. I obtain a buyer 2 months before the finish from a realtor friend without listing it. I am grateful for the incredible tools that FB provides. Great encouragement from my coach JP, the live events, and just staying plugged in gave me the courage to bring my vision of the property and the sale to fruition.




Before & After Photos