John Demchak

Timely Property Solutions LLC in Manalapan, NJ

We acquired the property from an off-market wholesale deal derived from a "Pick your Neighbor Party" flyer and funded the deal using a hard money lender. The most notable renovation was converting a jack-and-jill bathroom into 2 full bathrooms. The plumbers had to get creative, but this resulted in an ensuite full master bath and an additional full bath upstairs. This renovation alone increased the ARV because there are few other 3 bedrooms, 2.5 bathroom models in the neighborhood. To allow for a better flow, and a sense of more open space, an opening was cut in the wall between the kitchen and great room. The first floor boasts shadowboxing and crown molding. New vinyl flooring, tile flooring, and carpeting were also added throughout. On the outside, we restained a patio-deck and repaired soffit and fascia. In regards to mechanicals, a new HVAC system was installed.

Rehab Details

Property City:

Mount Laurel

Property State:

NJ

Purchase Price:

$140,000

Repair Costs:

$43,000

Sale Price:

$235,000

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Case Study

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

The FortuneBuilders' curriculum, tools, and coaches have immensely helped grow both my business and my knowledge of real estate. While marketing a previous rehab, Brooks O'Hearn, suggested we host a "Pick your Neighbor Party." Per his advice, we distributed flyers throughout the neighborhood, and one neighbor was so impressed with the quality of our rehab that she contacted us for an off-market wholesale deal. In regards to the Deal Analyzer, our contingency budget proved its significance because mid-rehab we decided to carry out the costly renovation of converting the jack-and-jill bathroom into two full bathrooms. However, in conjunction with this renovation and those mentioned above, we received multiple strong offers above asking price after 4 days on the market. We set a new record high selling price in the neighborhood and provided a home to a first-time homeowner.