Chris Ladner
Skylight Investments, LLC
in Chandler, AZ
Chris Ladner with Hector Coker
My business partner Hector, a licensed Realtor, had a client in need of selling her property now at the end of a reverse mortgage. Hector negotiated the purchase of the property by paying off the mortgage balance of $97,700. and offered $10K to be paid at closing. We found a private money lender to fund the purchase for this Pre-hab project. We completed a $10K light re-hab in 2 weeks, listed it on the MLS well under market value at $205K in attempt to engage either a conventional buyer to buy and live-in, an investor to buy and hold or to buy and do a complete rehab. We received a full cash offer in 4 days.
Rehab Details
Property City:
Glendale
Property State:
AZ
Purchase Price:
$112,285
Repair Costs:
$10,000
Sale Price:
$205,000
Case Study
How did the FortuneBuilders team and resources help you to accomplish this deal?
We went into this deal initially with the intention of doing a full rehab including the reconfiguration of interior and exterior walls, new cabinets throughout etc. With the Deal Analyzer that Fortune Builders provided, we realized prior to the purchase of the property the we could absolutely sell the property for much more after a full $70K rehab however the profit would remain the same and would cost at least a couple months of additional holding expenses for the same profit. We decided to scale back our plan considerably and all of the coaching calls supported the idea. The FB coaches were there for us from beginning to end. This gave us the confidence to find the private money and spend it wisely thus creating new solid business relationships for future deals.rn
