Amanda Shea Rehab Deal

 

Amanda Shea Rehab Deal

Altered Properties, LLC in Westport, CT
Amanda Shea with Amanda and Chris Shea

We found the property on the MLS and reached out to the listing broker directly. The house was bank owned had been vacant for two years and was in disrepair. The listing broker had a relationship with the bank and was able to get our below listing price offer accepted. We funded the purchase with 20 percent of our money and 80 percent with hard money. We funded the renovations with 100 percent hard money. We tore off the existing kitchen and added a new kitchen/dining area with a master bedroom/bathroom suite above. With the new space upstairs, we were able to add a laundry room and walk-in closets. We completely staged the home and marketed one of the four bedrooms as a home office which is in huge demand because of the pandemic. As the project progressed, more and more people were moving out of NYC causing the "buyers market" to switch to a "sellers market" in Connecticut.

Rehab Details

Property City: Westport
Purchase Price: $380,000
Repair Costs $210,000
Holding Costs: $65,000
Sale Price: $830,000

* These examples depicting income or earnings are NOT to be interpreted as common, typical, expected, or normal for an average student. Although we have numerous documented successful deals from our coaching students, we cannot track all of our students’ results, and therefore cannot provide a typical result. You should assume that the average person makes little to no money or could lose money as there is work and risk associated with investing in real estate. The students depicted have participated in advanced FortuneBuilders’ training and coaching. The participants shown are not paid for their stories; however, some of the students depicted may also be a FortuneBuilders' coach, and our coaches are compensated for their services. We believe in full transparency, so please read our Earnings and Income Disclaimers and Terms of Use.



Case Study

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

We have made many friends and contacts within FortuneBuilders, including our money lender for this project, MIRS Group LLC. We had weekly calls with Coach Bob Reed who kept us on schedule and motivated. Because of the FB bootcamps, we have learned so much and met so many amazing people.




Before & After Photos