Julian Montoya

JM11 Investments LLC in Arden, NC

This was a big rehab to finish. Initially I started with a rehab budget of $65,000. When I got into the rehab and found more things, I ended up spending $85,000 to make it more appealable to sell. This house had a downside that it was on a shared driveway and once listed for a month, all of the windows fogged up. At this point, I had no more money to replace all of the windows. Later, COVID was announced and it turned everything into stress. Showings were not allowed and no offers made. To adapt, my agent and I made a virtual tour for people to be able to go through the house remotely without leaving their homes. This deal was very stressful because I had to reduce the price by $30,000 to get buyers to pull an offer and COVID allowed for a lot more days on the market which ate me up in holding costs. I finally got an offer on this one and was able to survive this time with positive profit.

Rehab Details

Property City:

Asheville

Property State:

NC

Purchase Price:

$195,000

Repair Costs:

$85,000

Sale Price:

$341,000

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Case Study

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

In this deal, I didn't have too much control. The resources helped me to still have an exit strategy and not go under.