Steve Lively III Rehab Deal

 

Steve Lively III Rehab Deal

Dynamic Property Resources in Lindale, TX
Steve Lively III with Bonnie Lively

This deal was from a realtor friend who was talking to another agent in her office, who said she had someone needing to sell their uncle's house and just wanted out. Our realtor told her she had a buyer! Come to find out, we were friends with the other realtor as well. We got a construction loan from the bank for purchase and rehab, but before we could start work, someone showed interest in buying it as is, so we decided to test the market. This was just when housing prices were starting to sore in our area. After holding it for 2 months while interviewing contractors, we had a offer for $98,000 more than we paid for it. Then we had to pay back our construction loan. A few things had to be done in order for their lender to approve the purchase so we took care of them and got the house sold!

Rehab Details

Property City: Lindale
Purchase Price: $115,000
Repair Costs $3,264
Holding Costs: $1,000
Sale Price: $213,000

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Case Study

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

Better to take a sure offer now and make good money than to wait several months, do the work and get about the same amount of money in the end. This was basically a 2 closing wholesale!