Doug Ladret Rehab Deal

 

Doug Ladret Rehab Deal

Sharper Edge Home Solutions in Colorado Springs, CO
Doug Ladret with Lara Ladret

We'd built a good report with a wholesaler. Got a call saying we were close but were outbid unless we wanted to add a couple thousand. The numbers still made sense so we went for it; however, all our funds were tied up so our realtor and another friend jumped in as private money lender for the down payment and rehab costs along with our regular hard money lender funding. The seller must have only packed a couple of suitcases and walked out the door because the place was absolutely full. Dozens and dozens of dresses, hats, shoes, furniture, pictures, scuba gear, wine. Dozens of wine & cheese serving sets, a bar, Christmas nick-nacks for days. Took a long time to clear out the place - held 3 days of garage sales. Then got to work totally updating the place, opening up the kitchen, leveling out the basement, new throughout. Initial conservative after repair value was $265k, the market took it up to $285k, closed for $295k.

Rehab Details

Property City: Colorado Springs
Purchase Price: $182,000
Repair Costs $36,566
Holding Costs: $15,217
Sale Price: $295,000

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Case Study

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

This was potentially the "one deal too many" situation. This made 5 properties in different states of renovation all at once and we had only flipped 3 in total since we began with FortuneBuilders. We used and trusted our comp analysis and Repair Estimator. We tapped into other people's money and found friends who were more than willing to invest. Over the years in our other job as International level sports coaches, we always tried to treat people right. FortuneBuilders teaches the same mindset in dealing with everyone we come in contact with. This way of being helped us secure the funds to purchase the property. It also served us well on the sale since the buying agent was a former international level skater who remembered us and made the deal run super smooth with her first-time buyer.




Before & After Photos