Russell's Rehab Deal - FortuneBuilders

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rehab DEAL

Russell Mangum

Hermit Haus Redevelopment, LLC in Austin, TX

Russell Mangum with Carol Mangum; Sue Ann Kendall; Lee Bruns

We found this deal through a wholesaler and paid the deposit on site. Our general contractor wanted to partner with us, so he funded his own renovation for $18,000. The owners had lived there over 20 years, but when she had a stroke, he couldn't keep up with the work and it had gotten run down. The renovation took 2 months. We replaced flooring and opened up the living, kitchen, and dining. We painted inside and out, and cleaned up overall (filling 2 dumpsters). One month on the market, multiple offers with the winning bid well over asking. Another month to close. 4 months turn-around time.

Rehab Details

Property City:

Round Rock

Property State:

TX

Purchase Price:

$200,800

Repair Costs:

$18,000

Sale Price:

$321,000

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Case Study

How did the FortuneBuilders team and resources help you to accomplish this deal?

Repair estimator and project planning tools were the greatest help. This was a first for us and for the G.C.