A family member needed to sell but was overwhelmed, had no resources or ability to prepare the house for market, and needed a creative solution to get the equity from the house to help fund their move. My team and I offered several solutions so that we could find the right win/win scenario. rnrnWe purchased the home with a 90K private money loan, and subject to taking over payments on the existing mortgage with a total purchase price of $290,000. We leased back the property for 3 weeks while they qualified for and then moved to their new place.rnrnWe installed brand new floors throughout including tile wood flooring in the main living spaces, carpet in the 3 bedrooms, and tile in the 2 bathrooms. We updated the fireplace with stacked stone and tile mantel.rnThe Kitchen cabinets were in good shape so we painted them a clean white, added brushed nickle pulls, topped them with granite slab counter tops, and a new faucet. We also installed a new garbage disposal, and all new appliances.rnThe 2 bathrooms received a mini make-over with painted cabinets, new granite counter tops, new sink, new hardware, new mirrors & lighting.rnNew sliding door hardware & new door handles throughout the house updated the look from gold to brushed nickle.rnWe painted the whole interior of the house including the ceiling, and also the exterior front door and garage door to make it fresh and clean on the outside.rnOn the exterior the rehab included landscape clean up, tree trimming, new sprinkler system, and a basic front yard with grass, bark and plants. New Vinyl shutters for the front window.rnrnWe finished things off with a new chandelier, new smoke/CO2 alarms, a new garage door opener, and a good cleaning inside and out.rn
How did the FortuneBuilders team and resources help you to accomplish this deal?
Our coaches helped walk us work through the complicated contracts for this creative and unique deal. It was not easy. The subject to purchase was something I had not done before so having the coaches there to walk us through it step by step was very helpful. They gave us the confidence to present the various solutions to my family members, which gave them confidence to entrust their investment to us.