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rental DEAL

Erin Shelton

EVC Homes LLC in Clovis, 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
Property State:
CA
Purchase Price:
$140,000
* These examples depicting income or earnings are NOT to be interpreted as common, typical, expected, or normal for an average student. Although we have numerous documented successful deals from our coaching students, we cannot track all of our students’ results, and therefore cannot provide a typical result. You should assume that the average person makes little to no money or could lose money as there is work and risk associated with investing in real estate. The students depicted have participated in advanced FortuneBuilders’ training and coaching. The participants shown are not paid for their stories; however, some of the students depicted may also be a FortuneBuilders' coach, and our coaches are compensated for their services. We believe in full transparency, so please read our Earnings and Income Disclaimers and Terms of Use

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.