Drew Hardgrave

Landshark Homes, LLC in Cantonment, FL

Drew Hardgrave with Donegan Construction Services

I bought this property direct from a wholesaler for $125K after seeing it the first time listed on the MLS for $195K. We projected 6 months $95K budget for gut rehab. Due to Covid and literally every unexpected additional expense possible, we ended up with a 13 month renovation for a whopping $140K. Thankfully the real estate market got significantly more competitive and drove our ARV value approximately $50K over our original Appraisal ARV estimate 13 months earlier. We listed and were under contract the same day for $15K over asking price. We opened up this floor plan from the original floor plan into an addition with a 23 ft steel beam weighing a whopping 2,500 lbs and we converted the original Living Room and Bedroom into the Master Bedroom/Master Bath Retreat! Everything was gutted, and I mean everything down to the studs, and all mechanicals were replaced.

Rehab Details

Property City:

Pensacola

Property State:

FL

Purchase Price:

$125,000

Repair Costs:

$140,000

Holding Costs:

$16,169

Sale Price:

$390,000

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Case Study

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

Fortune Builders helped me evaluate the current value and ARV value of this property and helped with my negotiation skills. My network among other Fortune Builders was instrumental in obtaining financing for this deal via a HM lender.