Alejandro Tomadin Rehab Deal

 

Alejandro Tomadin Rehab Deal

RE Home Solutions LLC in Fort Lauderdale, FL
Alejandro Tomadin with Carmen Penaloza

The purchase and rehab of this property were all funded with Private Money Lenders. The initial plan was to rehab it lightly paint inside and outside, clean up landscaping around the property, add tile in common areas. Additionally adding a bedroom so that there would be enough to rent to a section to a tenant producing good cash flow. We had already locked a refi loan with 80% LTV at 6.5% fixed for 30 years when the whole secondary market collapsed 1 day before closing. With a $2,440 rent we should have positive cash flowed close to $900/month. Once the secondary market lenders came out of their caves, they were lending at 65-70% LTV and appraisers using very conservative property values that made it impossible to refi the property, so Instead we had to find a buyer to pay all of our PML's and the accumulated interest. We had 7 months of rental income which helped us have a profit.

Rehab Details

Property City: Fort Lauderdale
Purchase Price: $150,000
Repair Costs $11,000
Holding Costs: $28,550
Sale Price: $210,000

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Case Study

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

The deal analyzer was used to make the decision to purchase the property as well as the repair estimator.




Before & After Photos