Dana Wyse Rehab Deal


Dana Wyse Rehab Deal

Venture8 Property Experts LLC in Kannapolis, NC
Dana Wyse with Joy Wyse

In May of 2020, we found this deal through a wholesaler. We were not able to see the property other than a few pictures before we purchased it, and the project was delayed because the tenants had a hard time finding another property due to COVID restrictions. We were able to fund the deal with a Private Money Lender. The almost 100-year house had been partially remodeled 10 years ago with new windows and vinyl siding. We completely ripped out the floor and substructure in the kitchen and bath area which were unstable and uneven and rebuilt the floor system. Also, we installed a new kitchen, expanded the laundry area, and took out the closet to make the bathroom bigger but added a built-in cubby and kitchen pantry. We reworked the porch, refinished wood floors, replaced some light fixtures, new front door, tile, etc.

Rehab Details

Property City: Kannapolis
Purchase Price: $86,000
Repair Costs $34,300
Holding Costs: $14,775
Sale Price: $161,000

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Case Study

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

We ran the initial deal by the FortuneBuilders team since this was our first official rehab (we had previous construction experience). We had knowledge of how to crunch numbers, estimate repairs, and evaluate the deal through our FB training. Also, we were able to sell the house without the use of a seller's agent from advice from the coaches. Also, we had used a local realtor for purchasing a rental property the previous month who had told us the potential of this location. The FB training had prepared us to be aware of the local market and to value our networking relationships even more.

Before & After Photos