Christine Conomikes Rehab Deal

 

Christine Conomikes Rehab Deal

Five Crown Homes, LLC in Los Angeles, CA
Christine Conomikes with Gina Doyle

This deal was an off-market property found by one of the real estate agents in our network. She brought it to us knowing we love to flip in this Hollywood area. We funded the deal with a hard money loan of 80% of the purchase price and 100% of the construction. We also raised a private money loan for 20% of the purchase price and for the gap funding. The project was a complete teardown and was considered NEW CONSTRUCTION built-in 2020. That was our first NEW CONSTRUCTION. The duration of the project from acquisition to sale was 14 months including escrow upon sale. We demolished the entire home and foundation. We created an empty lot. And then excavated and began the new build. This Hollywood hideaway was labeled The Modern Urban Tree House! 3BD/2.5BA 1494 Sq Ft home plus a beautiful rooftop deck spanning the entire building.

Rehab Details

Property City: Los Angeles
Purchase Price: $610,000
Repair Costs $435,000
Holding Costs: $1,945,000
Sale Price: $1,389,000

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Case Study

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

We followed the FortuneBuilders Deal Analyzer and rehab methods to acquire, build, and sell this property. It is because of the FB systems, that we were able to accomplish this New Construction and what a learning experience it was. Additionally, one of our private money lenders on this project was a fellow FB student! We are thankful to FB for showing us the way!!




Before & After Photos