Michael Borger Rehab Deal

Rehab Details

Property City: Waipahu
Purchase Price: $520,000
Repair Costs $86,783
Holding Costs: $40,641
Sale Price: $750,000

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Case Study

How did you find and structure the financing of this deal?

The sellers found our company website online, filled out the form and I quickly put together the deal using hard money and private money lenders. It was an easy process.

Provide a summary of the repairs and improvements you made to the property.

Because I found the buyers soon after acquisition, I allowed them to customize some of the finishes. We painted the interior, replaced all of the flooring, upgraded the kitchen counters and appliances, repainted the cabinets and upgraded the bathroom fixtures. We also installed new split AC systems throughout and added some landscaping.

How did you find a buyer for the property if you sold it?

We put a company sign out front soon after acquiring the house. That very same day I got a call from people who knew the previous owners and were familiar with the property. We negotiated a fair price and put it in contract.

What are some of the major lessons learned that you would like to share with other students that they can learn from?

Getting a buyer locked in ahead of time can be both a benefit and a challenge. It can reduce holding costs significantly but can also open up a can of worms by allowing them to be too involved in the renovations. Lesson learned - even when securing an early buyer, limit the amount of options you give them.

Shout Outs & Testimonials

Once again, the systems I learned in Mastery enabled me to buy, renovate and sell this Hawaii house while living in San Diego. My project manager, broker, title company and lenders all performed to the highest level and helped make this another winning project for Oahu Home Buyers.

Before & After Photos