We found the deal through our growing network of sellers (agents & wholesalers). This specific purchase was done through a wholesaler and it was a cash purchase. We used our own money as the sellers where very set on not working with any lenders (not even hard money) and this is why we managed to get the deal and beat other slightly higher offers. The house was very well kept despite having been built in 1961, but it had never been updated. We cleaned the house thoroughly, had the a/c repaired and serviced and listed it for sale on the MLS. Our agent did a great job with his marketing as by the 3rd DOM we already had 4 offers at the full asking price. Closed in less than 30 days (hard money lender financed the deal). The deal was interesting as in the beginning we evaluated it to do a full rehab, but then saw it made more sense as a pre-hab and we basically did close to nothing in order to flip the house.
How did the FortuneBuilders team and resources help you to accomplish this deal?
The systems learned through FortuneBuilders have been crucial to growing our networks and this means more leads are coming in every day. With the knowledge learned during the practical sessions at our Full Immersion Course and several Bootcamps we have attended we are getting more and more comfortable when evaluating deals, especially repairs, so we do not have to rely 100% on a contractor in order to make offers that would make sense. This knowledge of estimating repairs along with the Deal Analyzer was key to evaluating the numbers and reaching a decision about what was the best between rehabbing or just pre-habbing. The pre-hab strategy was learned at the Chicago Rehab Bootcamp where the second property we visited was a pre-hab and the investor-owner then spoke in class about how they looked at the deal in order to reach the decision of pre-habbing vs full rehab