This house was a foreclosure purchased through the MLS. The true ugly duckling of the neighborhood, this house sat vacant for at least 3 years, the neighbors were thrilled when they found out we were planning on completely renovating the house. It was a very odd layout called a 4-level split with 3 beds and a full bath located at the top floor of the house; only a single living room and coat closet on the main floor when you walk through the front door; a kitchen, dining room, and living room located on the lower floor with 2 exterior doors exiting to the rear and side decks; then a basement that we converted into a full bath with a laundry room and utility room. The odd shape was a deterrent for quite a few buyers but we knew a young bachelor that wanted a large deck with a little yard would fall in love with the house and that's exactly what happened. The house was re-listed with the same realtors that sold us the house on the front side, potential to make 2-4 commissions on a single house is always a nice incentive for realtors.
How did the FortuneBuilders team and resources help you to accomplish this deal?
This was the first house that we acquired after joining FortuneBuilders. We had done 3 other flips before FB, but we immediately implemented FB strategies for building a rock solid scope of work and putting contractors under a legitimate contract and payment schedule, which paid off HUGE in the end because the contractor tried to overcharge us without submitting proper change orders.