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rehab DEAL

Karen Fukumura & Macy Cheung

Bay Property Solutions, LLC in El Cerrito, CA

The property is a 2,221 square foot single-family home that resides in the highly sought after Piedmont Pines neighborhood of Oakland, CA. We were able to purchase this house through a realtor in a probate sale after it fell out of contract in early 2020. Realizing that the out-of-town agent and owner were motivated to sell, we presented a strong all-cash offer with no contingencies. Through our agents, we negotiated aggressively to a purchase price of $990,000, which was significantly under the $1,200,000 list price. In addition, we asked and received a $5,000 closing credit from our realtors since we had already purchased two properties with them in the past. The unique aspects of this house include views of the San Francisco Bay; an in-law unit downstairs with a separate entrance for multi-generational or tenant usage; huge private, terraced backyard and decks for entertaining; located in quiet cul de sac; plenty of off-street parking.We listed the home for $1,395,000, received multiple offers, and were in contract in 23 days. We ended up selling the home for $1,525,000, which yielded a profit of $150,000 to Bay Property Solutions!

Rehab Details

Property City:
Oakland
Property State:
CA
Purchase Price:
$990,000
Repair Costs:
$200,000
Holding Costs:
$106,000
Sale Price:
$1,525,000
* 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?

We launched Bay Property Solutions when we joined FortuneBuilder’s Inner Circle in March 2019. We completed two flips in 2019, both of which were not profitable but were rich in learnings. The Fortune Builder’s program and team helped us achieve our first profitable flip through timely and candid coaching sessions, online training, and proven and practical tools. We leveraged the various components of the Fortune Builder system throughout the entire project. Of particular importance was the rehab estimator and SOW that we provided to the lenders; deal analyzer to help us assess potential profitability; 6 critical documents since this was the first time we used a general contractor to manage the entire project; and various checklists throughout the project.

Before & After Photos