
Property City: | Galloway |
Purchase Price: | $49,000 |
Repair Costs | $27,000 |
Holding Costs: | $3,000 |
Sale Price: | $117,000 |
We did a traditional note and mortgage from a private lender. We found our lender through the mastery Facebook page.
We removed fencing and a aluminum shed from the back yard. We did minimal landscaping and painted the shutters for better curb appeal. On the interior we gutted the full and half bath and gutted the kitchen as well. We added new carpet, new paint, and finished off 2/3 of the basement. Tuck pointed the fire place and changed out the fireplace glass doors.
We listed our property and it was under contract with 9 days. Another realtor showed the buyers our property.
Have a solid scope of work and go over it throughly with your contractor. Our contractor kept trying to cut corners and we eventually parted ways with him 70% of the way through the rehab. We still finished strong and made our profit. Having a good and reputable contractor is crucial.