Kevin Grundig Rehab Deal

 

Kevin Grundig Rehab Deal

OC Homes, LLC. in Beacon, NY
Kevin Grundig with Ren Almadin-Grundig

This was kismet! I was helping out a good friend's mom who had a 1031 exchange she was exercising and needed an agent to show her properties. At first showing, she was not interested in the property because it needed to much work. It was an REO, on the market for almost a year and even with a $10K price reduction, my client was not interested. Beacon was up and coming and I saw the potential...this property was in a great location, so we re-ran the numbers and comps through the deal-analyzer-for-flips...BOOM it was a deal! We secured funding through the FortuneBuilders network within 48 hrs of signing the purchase sale agreement. This was a full-gut re-development to the studs, from the rooftop to the basement outside and inside. It was unique because it was a farmhouse built in 1870 and we were able to maintain some of the original framing, hardwood floors, banister, and baseboard.

Rehab Details

Property City: Beacon
Purchase Price: $215,373
Repair Costs $98,000
Holding Costs: $42,402
Sale Price: $435,797

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Case Study

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

Without the FortuneBuilders training and support, there's no way we would have taken on such a big re-development. This was the biggest one to date and the systems and checklists gave us the confidence to take action, even when we were terrified. Who could have imagined having COVID19 and having to hold the property 2 months longer than we planned? Because of the systems, training, and support we received from FortuneBuilders we stayed on track, even when contractors were freaking out, and walked away with a nice net profit at closing. Thank you FortuneBuilders and the amazing community was are so fortunate to be a part of.




Before & After Photos