Victor Alves
ShapeUp Home Buyers & Poma Homes
in San Antonio, TX
Victor Alves with Gaspar Rivera
This was one of the few deals we buy from wholesalers that was presented to us by a local hard money lender. It was in an area that he had done 4 rehabs already and knew the market very well. However, this was a little different than most deals because we did a month long lease back to the seller and ended up taking a little longer to finish due to some unforeseen framing problems when open the house. We ended up selling for right for out projected ARV, but holding costs and extra rehab expenses ended up eating a good chunk of our profit. This deal was funded partially by the hard money lender and partially by one of our repeat private lenders.
Rehab Details
Property City:
San Antonio
Property State:
TX
Purchase Price:
$89,000
Repair Costs:
$92,000
Sale Price:
$245,000
Case Study
How did the FortuneBuilders team and resources help you to accomplish this deal?
Marks and contingencies. We are thought to make sure that our deals have enough margins to be worth our while and calculate contingencies on your construction budget. This is crucial to make sure that when situations like this happen you are still making money and not upside down on the deal.
