Ray Thietten Rehab Deal

 

Ray Thietten Rehab Deal

Smiley Creek Properties, LLC in Ann Arbor, MI
Ray Thietten with Corinne Thietten

This was my first deal in Ann Arbor, MI which is home to the University of Michigan and a college town. I took this deal after a Realtor I know insisted that this was a sure deal. The home was a 1940's house with a wet basement, and a basement wall leaning in, which is why it had not sold. We picked it up and did an extensive rehab, which started with jacking up the house and repairing foundation walls and installing a drain system with a sump pump. We did the majority of the repairs on this house during the heart of the Covid-19 Pandemic and Ann Arbor was shut down and all of my contractors were told to stay home. With about a month delay, with no work being done was finally able to get my contractors back on the job and we worked with the city building department to complete all of our inspections and got under contract on the 2nd day over asking price.

Rehab Details

Property City: Ann Arbor
Purchase Price: $240,000
Repair Costs $138,000
Holding Costs: $31,000
Sale Price: $490,000

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Case Study

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

This deal was brought in using the FB MLS system and the extensive tools and resources for rehabbing and selling flip houses.




Before & After Photos