Jerry Britt Rehab Deal

 

Jerry Britt Rehab Deal

365 Property Partners in Tampa, FL
Jerry Britt with JR Carrel and Kevin Lee

We found this deal driving for dollars and doing "one off" handwritten letters to property owners. This house is in a historic district and was our first full rehab in an historic district. We did not LOVE the idea of complying with the historic requirements but knew there was opportunity here. According to the numbers, WE ONLY MADE $400. BUT WAIT - THERE'S MORE! This house was on a double lot. We split the lot and we made $400 on the flip AND we now own a lot for FREE. We build new houses and in this area and price range we would typically pay about $40,000 for a lot and make about $50,000 on the deal. Since we got this lot for free, we expect to make about $90,000 on the new build that will take place on the lot that was created by splitting this property. MANY TIMES a deal has made sense for us when it didn't for someone else because we build and know how to value the land.

Rehab Details

Property City: Tampa
Purchase Price: $158,000
Repair Costs $62,600
Holding Costs: $44,000
Sale Price: $265,000

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Case Study

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

This house was a 2 bedroom house but had room to create a 3rd bedroom and make it a 3/2/1. We learned thorugh Fortune Builders case studies that often times there is additional value to be found in a house by making it bigger, or adding a bedroom or bathroom in the existing space.




Before & After Photos