Cynthia Krol
Live Your Best Realty, LLC
in Newburgh, NY
This 1050 square foot, 3-bedroom, 1-bath, split level occupied property in my neighborhood was purchased at the county courthouse auction for $46,100. This project required $82,000 of rehab, $16,612 in holding costs and was sold for $236,000 for a profit of $91,288. It was a hoarder house with no working utilities and was a total rehab. We funded it with an HML commercial line of credit. This project required 10 dumpsters to remove the personal property, a new roof, siding, windows, subfloors, conversion of a garage, the addition of a bonus room, kitchen remodel, bathroom, front and back porch/patio and repaved driveway.
Rehab Details
Property City:
Newburgh
Property State:
NY
Purchase Price:
$46,100
Repair Costs:
$82,000
Sale Price:
$236,000
Case Study
How did the FortuneBuilders team and resources help you to accomplish this deal?
The FortuneBuilders Community provided us with financing connections which led to a $550,000 line of credit and the confidence to complete this huge undertaking as our first rehab. The FortuneBuilders systems and steps learned at the Rehab Bootcamp gave us guidance and confidence to move forward and crush it!
