Ian Grodman Rehab Deal

 

Ian Grodman Rehab Deal

Good Home Property Solutions LLC in Iselin, NJ
Ian Grodman with Lisa Mainardi

This deal came through an REO realtor who was working with a consolidator of tax lien owned properties. The home hadn't been updated for 40 years, and the prior owner appeared to be a hoarder. We completely redid the kitchen and upstairs bathroom in this bi-level home and built a brand new bathroom on the lower level where none existed before. We painted the entire house inside and out, removed all of the old carpeting, and refinished the wood floors that wee protected underneath for forty years. When our first buyer lost his job due to COVID two weeks before closing, we put the house back on the market. The next buyer, using an FHA mortgage, asked for a 30-day extension once, and then again, and when they asked for the third extension, we canceled the contract. Luckily, although the house had essentially been on the market for four months at that point, we had multiple offers and were able to close.

Rehab Details

Property City: Iselin
Purchase Price: $196,000
Repair Costs $54,000
Holding Costs: $49,800
Sale Price: $340,000

* 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?

Great help and support from Coach Bob Reed!




Before & After Photos