Rupert McCave

RGM Real Estate Solutions LLC in Upper Marlboro, MD

Rupert McCave with Gwendoline McCave; Warren Goodwine: Robyn Goodwine

We got this deal from the MLS search by my business partner who is a licensed real estate agent in Maryland. The deal was funded by our Hard Money Lender and by our JV Partner, Miccar Properties, LLC in 2nd Lien position. The original 1925 colonial house had only 3B/2B and was very distressed in its existing conditions; had a fire and required a full gut and rehab, replacement of all utilities including Plumbing, Sewer, Electrical and new HVAC system. New framing, insulation, roofing, siding, drywall and flooring were required to modernized this house including a brand new kitchen with stainless steel appliances and granite countertops. The house was converted from a 3B/2B to a 4B/3 1/2B by redesigning the inside and maximizing the existing footprint. What is unique about this house is that we kept the original architectural style as in the neighborhood.

Rehab Details

Property City:

Baltimore

Property State:

MD

Purchase Price:

$117,500

Repair Costs:

$137,536

Sale Price:

$300,000

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Case Study

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

I think with the Fortune Builders training as Mastery Students, we were able to put our resources together and create a winning JV team by leveraging Hard Money, Private Money and training to accomplish deals. It is much easier now to request funding as we do not have to focus only on our elevator pitch, but have open discussions with fellow investors or lending institutions about our deals and what we are about. This deal did bring out some contractor challenges, as we had to terminate the first contractor for non-performance and not doing the project right. Our 6 critical documents, especially the Contractor Agreement and the Lien Release played a big part of parting with the contractor. Rehab and Contractor Management is super important when doing these rehabs. Always something to learn with each rehab.