Marci Sadler Rehab Deal

 

Marci Sadler Rehab Deal

Primo Property Solutions in Hastings, MN
Marci Sadler with Ken Lundquist

This was an off-market property that we got through personal relationships. It was originally the jail and was estimated to have been built between 1830 and 1850. It was a unique build because all of the boards were stacked horizontally versus vertical stick builds today. (you could build 10 houses with the amount of wood in this house). It was also on the historic register so we have to follow strict guidelines for the exterior look of the house. We did leave some of the wood exposed that showed where the original jail bars were.

Rehab Details

Property City: Hastings
Purchase Price: $32,000
Repair Costs $150,000
Holding Costs: $1,200
Sale Price: $220,000

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Case Study

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

We utilized the FortuneBuilders network in Minnesota to help with contractors. Our original contractor stole materials and didn't complete the work that he was supposed to and we ended up with significant delays. A fellow Fortunebuilder (and business partner on another deal) helped us get contractors and get the job completed. We were also able to sell the house on a contract for deed so we will get additional income from the interest payments over the next 5 years




Before & After Photos