Kathy Schuck Rehab Deal

 

Kathy Schuck Rehab Deal

North Shore Real Estate Solutions in Tyngsboro, MA
Kathy Schuck with Alex and Kathy Schuck

We got this from an agent with whom we've bought a house in the past. She reached out to us before she put it on the market and we offered what the sellers were expecting to get plus we waived our contingencies, so there was no "bidding war". We funded the deal through a Hard Money lender and used some of our business money for the downpayment, buying, and holding costs. The terms were excellent, 7.99% interest, and 90% purchase price plus 100% rehab costs. There were a lot of repairs necessary - new rubber roof (which we had never done before), new furnace, electric, kitchen, baths, siding, flooring, etc. The most interesting part of the rehab was an unusual looking house, so we were divided on whether or not to even buy it. One of us could "see the vision" and the other was a little afraid it wouldn't sell. In the end, we got over asking and made a nice profit!

Rehab Details

Property City: Tyngsboro
Purchase Price: $200,000
Repair Costs $130,000
Holding Costs: $41,000
Sale Price: $440,000

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Case Study

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

Many of the participants in this deal, were through FortuneBuilders. The realtor who sold it to us was a former FB student. The Buyer's Agent was a former FB student. The GC we used was referred to us by a former FB student. And the Lender was recommended by Fortune Builders - Triumph Capital. And finally, the Buyer's last name is "Fortune". We took that as a good omen!




Before & After Photos