Julie James
JH Property Solutions
in Elwood, IL
Julie James with Howie James
Per suggestions from our Internet Quickstart coach, my business partner was providing helpful information to other investors on a local REI group when we came across this deal. The feedback my partner provided resulted in a conversation about a property this wholesaler had in our community. While we had some PML's lined up for gap funding, we used a short-term loan from a local bank to purchase the property. It was interesting to learn that some banks are offering loan programs similar to HML's. We developed a great relationship with a contractor on this project who we look forward to working with in the future.
Rehab Details
Property City:
Elwood
Property State:
IL
Purchase Price:
$130,000
Repair Costs:
$60,000
Holding Costs:
$30,000
Sale Price:
$280,000
Case Study
How did the FortuneBuilders team and resources help you to accomplish this deal?
Our FortuneBuilders coaches provided helpful insights along the way regarding negotiations, contracts, calculating accurate ARV's, repair suggestions, etc. We even tapped into our coaches to serve as tie-breakers if my partner and I disagreed on a rehab choice. Our IQS coach was also very helpful throughout the process, especially when it came time to list our project on the MLS. We would like to extend a special thank you to Erica May & Michael Haas for guiding us through our first rehab.
