Zachary Kibby Rehab Deal

 

Zachary Kibby Rehab Deal

ZENH Developments LLC in Tucson, AZ
Zachary Kibby with Jerry Kibby and Wendy Kibby

We found this deal by networking through meetup groups and met a realtor pair that wanted to start wholesaling. After meeting with them and showing them our business model, they immediately thought of a house they had just seen and took us to go see it. The homeowner wanted $400k for it but eventually settled at $245k with $5k going to the wholesaler, overall $250k. We used a hard money lender to fund the deal for 85% of total purchase and repairs. The house was in need of a complete makeover. We gutted the house down to its bones opening up several walls, rewiring the entire house, fixing the roof, a lot of plumbing, re-plastering the pool as well as updating everything cosmetic. This house had been vacant for 15 years and resulted in us finding a dead javelina (desert pig), 3 huge live rattlesnakes, an infestation of pack rats, and a bee hive, all inside the house.

Rehab Details

Property City: Tucson
Purchase Price: $250,000
Repair Costs $160,000
Sale Price: $513,000

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Case Study

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

We went to several Bootcamps including the rehab Bootcamp twice and the wholesaling and acquisitions Bootcamp where we met some fellow FortuneBuilders members who gave us the contact of their hard money lender. We utilized the networking techniques and met with a realtor team with our credibility packet and went through our business model. Throughout the deal, we identified that paperwork is crucial and used lien waivers as well as contractor agreements to help things progress smoothly.




Before & After Photos