Michael Aldridge
Pinnacle Properties
in Phoenix, AZ
We acquired this house as a result of another project we had underway 2 houses down the street. A neighbor mentioned the owner needed to sell and put me in contact with him. We initially funded the deal with our own money, then replaced our money with funds from a commercial bank. We had just acquired a $1mil line of credit at Prime + 1.5% with a Local bank which came in handy. This house was a disaster area with good bones. We re-configured a couple of rooms to create a 3 bed 2 bath vs. a 2/2. the house was a gut job as we reworked the kitchen family room area with an open concept design and an awesome walk-in master shower.
Rehab Details
Property City:
Sun City
Property State:
AZ
Purchase Price:
$128,000
Repair Costs:
$45,331
Sale Price:
$199,900
Case Study
How did the FortuneBuilders team and resources help you to accomplish this deal?
Paul Esajian gaves us a great idea in one of his presentations at the 2016 Ignite, which was to acquire a commerial line of credit. After returning home we worked on our presentation for use with the bank executives. I acquired a meeting with the Chair of the board of a small bank in Phoenix and his top executives the CEO and Chief Credit officer. My wife Belen put together an awesome, bullet proof presentation we went to the meeting and NAILED IT! It's a lot easier buying multiple houses when you have access to a large line of credit. Thanks Paul.
