Erin Shelton Rental Deal

 

Erin Shelton Rental Deal

EVC Homes LLC in Fresno, CA
Erin Shelton with Cleadus & Erin Shelton

We found a private money investor who we borrowed $105,000 from for the initial purchase of the property. The purchase price of the property was $100,000 and with the extra borrowed we did some minor repairs to the home (electrical, stucco work, appliances, and clean up.) We then started the refi process and the property appraised at 200k conservative (appraiser said it could have appraised at 210k easily.) We refinanced the property at 140K which left us 26k in our pockets. We will refi out of the current loan, which is hard money, into a conventional loan a few months down the road which will increase our positive cash flow a couple of hundred dollars. This was a win/win/win for all.

Rental Details

Property City: Fresno
Purchase Price: $140,000

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Case Study

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

When we first joined FortuneBuilders we had ZERO real estate knowledge and I can gladly say that today we have the knowledge to do these types of deals over and over again. Without FortuneBuilders we wouldn't have had the knowledge, courage, or know-how to complete any of the deals that we have done. Using the systems in place we are able to say that we have done 38 rehabs and currently have 4 projects in the construction phase and currently working on a property with a family that we will purchase in the next month or so.