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rehab DEAL

Charley Honeycutt

CHC Equity Group, LLC in Mabank, TX
Charley Honeycutt with Cheryl Honeycutt

We originally found this deal through a wholesaler who was asking $360,000. I went to view the property with the wholesaler and arrived first. Upon arrival, I met one of the owners and gave him my card. Everything fell apart with the wholesalers deal and our offer of $320,000 was rejected by the wholesaler. The owner reached out to us a month later and we closed the deal. This house was a full gut remodel with extensive foundation work. We moved walls, created rooms rewired and replumbed the entire house.

Rehab Details

Property City:
Dallas
Property State:
TX
Purchase Price:
$313,000
Repair Costs:
$135,450
Holding Costs:
$65,193
Sale Price:
$620,000
* 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 followed the original estimator, used the FB Scope of Work and followed the general guidelines of pay after the work is completed, which was a save for us because our original electrician was doing sub-standard work and was caught by the city building inspector. It was necessary to terminate the electrician and hire a new electrician. Our estimated timelines were extended due to inspections and rework but we were ultimately profitable.

Before & After Photos