Ryan Morningstar Rehab Deal

 

Ryan Morningstar Rehab Deal

R home Solutions, LLC in Coeur d Alene, ID
Ryan Morningstar with Ryan Eicher

This deal was an employee of Rose's. It was her & her ex-husband's home that was in pre-foreclosure. They had let it go so long that we were the only option outside of an auction. We brought our realtors into the deal as there was a chance it would be a short sale & the conflict of it being an employee's house. We funded with deal with a hard money lender and private money for the gap. The PML was our contractor. The property was 2 lots, each about 1.4 ac. One had the home on it & the other was vacant. We went under contract (at the time of purchase) with our contractor to sell him the vacant lot upon closing of the sale of the rehabbed home. We ran our numbers at 6 mo hold time. Our hold time ended up being 5 mo.

Rehab Details


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Case Study

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

We utilized the real estate coaches a lot when securing our funding. The property was unique in being two lots so we had a few different options & the coaches really helped us work out what the best scenario was for us & our region. We made a lot of mistakes with this being our first deal but we did have a huge success by making sure we used the 6 critical documents with our contractor. (He signed the notice of lien release before he started the job) The rehab project went a bit sour with the contractor & we ended up finishing the rehab our selves. Even in that situation we still had peace of mind because of the paperwork.




Before & After Photos