Amanda Shea

Altered Properties, LLC in Fairfield, CT

Amanda Shea with Amanda and Chris Shea

We found the property on the MLS and reached out to the listing broker directly. The house was bank owned had been vacant for two years and was in disrepair. The listing broker had a relationship with the bank and was able to get our below listing price offer accepted. We funded the purchase with 20 percent of our money and 80 percent with hard money. We funded the renovations with 100 percent hard money. We tore off the existing kitchen and added a new kitchen/dining area with a master bedroom/bathroom suite above. With the new space upstairs, we were able to add a laundry room and walk-in closets. We completely staged the home and marketed one of the four bedrooms as a home office which is in huge demand because of the pandemic. As the project progressed, more and more people were moving out of NYC causing the "buyers market" to switch to a "sellers market" in Connecticut.

Rehab Details

Property City:

Westport

Property State:

CT

Purchase Price:

$380,000

Repair Costs:

$210,000

Holding Costs:

$65,000

Sale Price:

$830,000

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Case Study

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

We have made many friends and contacts within FortuneBuilders, including our money lender for this project, MIRS Group LLC. We had weekly calls with Coach Bob Reed who kept us on schedule and motivated. Because of the FB bootcamps, we have learned so much and met so many amazing people.