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rehab DEAL

Grant Cate

Emmaus Property Investment in Savannah, GA
Grant Cate with Louisa Cate

The property was brought to our attention by our invaluable realtor/partner Wynn Martin. The property was in foreclosure and going up for auction. It was purchased through an online auction and was financed through a hard money lender. We closed on the property and took ownership on November 6, 2017. Renovations took just under 6 months and it was placed on the market on April, 22 2018. 4 days later the property was under contract and is scheduled to close at the end of June. Renovations included fresh paint on the shutters and cast-iron latus work, fresh paint throughout the inside of the house, new vinyl laminate floors in the great room, kitchen, front room and hall way, new carpet in all of the bedrooms, all new cabinets in the kitchen with the addition of a peninsula forming a breakfast bar, new dishwasher and refrigerator, new ceiling fan in the great room, service and certification of the gas fireplace, removal of all popcorn ceiling paint with sealing and skin coating of all ceilings, all new vinyl Anderson window walls throughout the house, removal of 15 feet of interior wall between the front room and kitchen creating a completely open floor plan, complete gut job of the hall bathroom including a new tub and shower insert, new commode, vanity, fixtures, faucets and vinyl flooring, complete gut job of the master bathroom including a new tile shower, new commode, vanity, fixtures and vinyl flooring, replacement of the mailbox and post, complete landscaping including a paver retaining wall, paver walkway and placement of sod.

Rehab Details

Property City:
Savannah
Property State:
GA
Purchase Price:
$93,500
Repair Costs:
$45,000
Sale Price:
$159,900
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Case Study

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

My Wife/business partner and I immersed ourselves in the extensive training offered by Fortune Builders. We attended several boot camps, completed modules and took full advantage of our coaching calls. We felt well prepared when we purchased this property which was the first project we undertook. The training and knowledge we had was invaluable during this time but we learned so much more after we actually jumped in and began our first renovation. We took advantage of the scope of work forms and repair estimator. While it was a great guide we were skeptical of the accuracy of the amounts estimated for repairs. As a result, we underestimated our repair costs. The vital lesson that we learned is that the repair estimator is absolutely accurate and we have been using it fully for all of our other deals. In hindsight, we probably would not have purchased this property as the actual profit margin was very narrow. While we did not end up losing money on the deal, our profit was significantly lower than estimated. We did learn from the experience and have incorporated our knew knowledge into subsequent deals.

Before & After Photos