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rehab DEAL

James Hunt

Gateway Property Partners in Eureka, MO
James Hunt with Bob Wibbenmeyer

My partner’s management company was managing the property for a bank. The bank approached us to purchase the property. A week before closing on the purchase the tenants approached us about buying the property. We negotiated a deal to sell to them and reduced repairs to only those that they requested. We put new tile flooring in the kitchen, repaired a garage door, put in a new range and backsplash, fix a few doors and redid some landscaping that is the owner's responsibility. This project had many trials as the tenant had trouble obtaining financing for the purchase. We went through 5 different contracts and could have easily moved on. However, part of our mission is to help others. Through this deal, we were able to pay 2 lenders back with 10% interest, allow long term tenants of a property to purchase the property with equity and lower their monthly payment, and make a profit.

Rehab Details

Property City:
St. Louis
Property State:
MO
Purchase Price:
$110,000
Repair Costs:
$8,000
Holding Costs:
$7,000
Sale Price:
$170,000
* These examples depicting income or earnings are NOT to be interpreted as common, typical, expected, or normal for an average student. Although we have numerous documented successful deals from our coaching students, we cannot track all of our students’ results, and therefore cannot provide a typical result. You should assume that the average person makes little to no money or could lose money as there is work and risk associated with investing in real estate. The students depicted have participated in advanced FortuneBuilders’ training and coaching. The participants shown are not paid for their stories; however, some of the students depicted may also be a FortuneBuilders' coach, and our coaches are compensated for their services. We believe in full transparency, so please read our Earnings and Income Disclaimers and Terms of Use

Case Study

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

FortuneBuilders helped us in evaluating and analyzing the rehab to determine that it was a good deal.