Simon Oppliger

Novus Property Solutions in Westport, CT

Simon Oppliger with Carolyn Oppliger, Simon Oppliger

This was a wholesale deal that we initially analyzed as a future rental property for passive income. The project was one half of a duplex and required new kitchen and baths, vinyl flooring, windows and paint. During the beginning of the rehab process, we discovered that the neighborhood was much less desirable that we initially anticipated (We bought the property in March, right after a big snowstorm. As soon as the weather warmed up, loitering in the immediate vicinity increased dramatically) We changed our strategy and put some additional money into the project by finishing the basement in order to get to a higher ARV. Selling the property took a little longer due to the distinct flavor of the neighborhood but it all turned out ok.

Rehab Details

Property City:

Bridgeport

Property State:

CT

Purchase Price:

$67,500

Repair Costs:

$57,630

Holding Costs:

$14,200

Sale Price:

$154,000

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Case Study

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

Our FortuneBuilders education was indispensable as we knew how to analyze multiple exit strategies and were able to change course mid-project for a still profitable outcome.