Rupert McCave Rehab Deal


Rupert McCave Rehab Deal

RGM Real Estate Solutions LLC in Norfolk, VA
Rupert McCave with Gwendoline McCave

We found this deal working with a real estate agent on our team focusing on short sales as we had the experience on our first deal that was a short sale. The deal was funded using Hard Money, Private Money from FortuneBuilders Mastery Students & cash. This was a total gut, rehab and addition project adding a master suite with 1 1/2 bath on the first floor. The second floor has two more bedrooms and a full modernized bathroom. Exteriors feature a large front porch, and a viewing balcony on the second floor. Renovations include a new modernized open kitchen with stainless steel, energy-saving appliances, new cabinets; granite counter-tops, and wood laminate floors; new electric 200 AMP panel, meter and service, electric forced-air HVAC system, plumbing, duct-work, roof, windows, vinyl siding, water heater. We kept most of the 1915 architectural features - the stairs, baseboards, 9ft ceilings & style.

Rehab Details

Property City: Norfolk
Purchase Price: $61,000
Repair Costs $95,000
Sale Price: $205,000

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Case Study

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

We did check in with the coaches for feedback on several fronts including; Short Sale deals and what to look for; SOW for rehabbing as this was a very old building; dealing with contractor issues; strategies for marketing the property; networking and attending Boot Camps and raising Private Money; understanding the 6 critical contractors documents and executing it in the field. This was critical because we had to terminate the original contractor then advertise, interview, and select new contractors to complete the project. Having these documents and the deal analyzer and reevaluating the market through updated CMAs for COMPS and market sales allowed us to make critical decisions regarding our exit strategy and how to proceed.

Before & After Photos