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commercial DEAL

Sean Kelley

DKS Legacy Estate, LLC in Bethesda, MD
Sean Kelley with Danielle Kelley

Purchased two multi-family properties, a total of 16 Units (12 residential and 4 commercial). Negotiated the price down due to poor condition of Class C Building. The original asking price was around $340,000. Got the owner to reduce the price to approximately $307,000 including an additional 20% $62,000 sellers credit which was used for the down payment. The price was $245,000. Since the negotiations took 3 months and the seller wanted to close by the end of the year, he sold the property as-is. This rush caused some mistakes but ended up with $90,000 in equity. We are 30 days into rehab. Property Management company said they would be all filled before the end of the year.

Commercial Details

Property City:
Ridgley/Kingwood
Property State:
WV
Purchase Price:
$245,000
Holding Costs:
$8,900
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Case Study

How did the FortuneBuilders team and resources help you to accomplish this deal?

FortuneBuilders resources gave the confidence to do the deal. The knowledge gained has also been priceless in staying calm as the cost continues to pile up to get this property healthy. Just keep focusing on my projections and numbers.