We found this deal through an MLS search for properties that have been on the market for 180+ days. 2 MLS's cover the same area, so our original search led us to the agent that represented this listing on another MLS. The property is right on a lake outlet with 2,436 sqft, 2 bedrooms, 3 full bathrooms and a 3 car garage. It was listed as 3 bedrooms, but the 3rd bedroom was actually just a bonus room in that it didn't have its own private entrance or closet. It was listed for $369,900 and had been on the market for over 200 days. The part that really intrigued us about the property is that is just needed to be cleaned up, and it could become a summer vacation rental in the area that would command $2,000/week. If we were going to flip it, we were basically just looking at cosmetics. We ran our numbers and figured it would be a $45,000 rehab with $5,000 in contingency for a total of a $50,000 rehab budget. We offered $245,000 and it was immediately accepted. We were now on the clock with a 30-day close. First, we reached out to a local Fortune Builder's student, Esteban Saldarriaga (EyE Homes, Inc). He had been helping us when we first got started so we wanted to give him first dibs as a potential wholesale deal that we believe could net a $40,000+ profit. Since he needed time to think about it and time was of the essence, we then started reaching out to others with the offer. Being that this property was 1 hour away from Columbus, few were interested. As time began winding down, getting a wholesale deal done wasn't looking likely. However, Esteban reached back out to us with a JV opportunity. We bring the deal and run the project and he brings the lenders and experience to help us out. It worked beautifully! We projected the property to sell for $425,000 but ended up selling for $395,000. However, the buyer was an agent representing himself and removed his commission of $11,000. Total profits from the deal were $47,000.
How did the FortuneBuilders team and resources help you to accomplish this deal?
Coaches! Coaches! Coaches! As part of the inner circle, we have access to a monthly coaching call to help us work on the business. We were struggling to find any deals and our personal coach, Miguel Rodriguez, pushed us along. He was the one that suggested we search for properties sitting on the market for 180+ days. It worked! Throughout the rehab, we confided in our partner, EyE Homes, Inc, and FB coaches to keep us on track. It couldn't have gone any smoother even though we finished the project 2.5 weeks late and $1,700 over budget. Thanks, Fortune Builders!