Bruce Thompson Rehab Deal

 

Bruce Thompson Rehab Deal

Sterling Property Solutions, LLC in El Paso, TX
Bruce Thompson with Kris Thompson

We acquired this property through our HML contact as a Wholesale deal. A total renovation was needed as well as knocking down some walls to create an open floor plan which is very popular out here. There were three tiny closets in the master as well as a five-foot high sliding glass door an another entry into the master. It just didn't flow. We closed off one entrance and made one big walk-in closet. The entrance is now a standard-size French door entry. This house was fun, being our first one, but we did make many mistakes along the way. We over-renovated for the area but feel blessed to have gotten several offers as high as we did. For our funding, we used an HML, because of a friendship we have made through Fortune Builders. Have to add, that this week alone, we made an offer on a duplex, obtained a PML for it as passive income and are in the process of lending privately to another.

Rehab Details

Property City: El Paso
Purchase Price: $90,000
Repair Costs $70,000
Holding Costs: $20,000
Sale Price: $190,000

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Case Study

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

The coaching of Ammon Brimhall helped tremendously as we were scared to death with this first rehab transaction. Of course, the numbers of the Deal Analyzer and the Repair Estimator helped but with the increased cost of supplies because of covid, we were quite a bit off. The Rehab Bootcamp and other resources on our FB platform helped tremendously with our confidence-building too! All-in-all, this was a lot of work but so rewarding. We'd like to add, that because of processes and putting one foot in front of the other daily, we just acquired a duplex for passive income, obtained our very first PML, and we're also lending to a fellow investor, ALL within this week! It's been crazy! Thank you Fortune Builders, support team, coaches, and staff! You're helping making our dreams our reality. Last but not least, we give God All of the Glory!




Before & After Photos