We received a call from one of our delinquent tax mailings and picked up this project. The seller had inherited the property from his parents and had rented it out when it didn't sell. He was definitely a Tired Landlord and was ready to move out of the area. We funded this deal with our own capital to close quickly and then had first and second liens in place with PML's within a month of owning the property. We bought the tenants out of their lease a couple months early so we could start renovations and they would have their deposit for their next rental. This house started with a 3 foot master shower in a matchbox sized bathroom - we were able to relocate closets between 2 other bedrooms to make room for a full sized tub and shower. We were also able to take a large wasted space and make a 4th bedroom and formal dining room while opening up the living area and kitchen and boosting our ARV. Our exterminator loved us on this one, we always do a preventative treatment for termites but found that this house also had fleas - and then just few weeks before listing gophers showed up and started making tunnels all over the front yard. Since he has treated all of our projects he caught the gophers for free. ( We took him and his wife out for a nice steak dinner as a thank you!) This project went on the MLS late Friday afternoon and we had 3 offers by Sunday morning with 2 of those being over asking price.
How did the FortuneBuilders team and resources help you to accomplish this deal?
Building relationships with your team is crucial! Our plumber has taken care of issues at 8:00 at night when the GC found a leak just before starting drywall. Our exterminator is looking for more houses for us every day. We work with several Realtors who call us as soon as they have a new buyer to see what we have going on that isn't listed yet in case it fits their clients needs. Keep networking and growing your team!