Jerry Britt

365 Property Partners in Tampa, FL

Bought this from another Fortune Builder. It was a pair of FBs, one was out of town. They ended up in over their head. We bought it as they were about to lose it and ruin the one partners credit. It was a MAJOR rebuild and there were many hidden problems. The seller didn't try to hide them, but until we got further into the deal, we could not identify everything. Thankfully we financed this deal with our primary Private Lender. They ended up making $91,000 in interest. This deal cost too much & took TOO long. Not all deals turn a profit. We made a nice profit on other deals, but on this one, we helped another investor and we met a GC and a partner on a future deal that made us about $70K. So between the two we approximately broke even. Fail Forward. This was about our 40th deal, and we survived, but we lost money. Not every deal is great, but there are still wins to be found in losses.

Rehab Details

Property City:

Tampa

Property State:

FL

Purchase Price:

$165,000

Repair Costs:

$265,000

Holding Costs:

$119,800

Sale Price:

$480,000

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Case Study

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

I met the sellers through Fortune Builders. We used this highly visible property in the neighborhood to post signs and meet other contractors and investors. This property that lost us money, found us other partners and we accepted that this horrible eyesore in the neighborhood served as a bill board for our company and helped us build notoriety in the community where we do a lot of work. They neighbors and contractors don't know we lost money. They just know we solved a problem. CAW - even when we lostmoney, we found a way to make that much back on another deal that we would have NEVER found had we not been working on this deal.