We obtained the deal from a colleague of mine who had a family member pass away and the estate was selling the home. When we went to inspect the house, I brought our contractor along so that we could obtain a quick estimate of rehab costs. We quickly completed the analysis and worked up an offer. We offered $370k and estimated that we would sell the house for $620k (at the high end) with approx $100k of rehab. We ended up selling the house for $650k with $98k of rehab making a profit of approx $88k. We were amazed and thrilled that we were able to do so well on our first flip. One other thing I'm proud of is that we had an entire team of women on this deal (nothing against men it just worked out that way). Not only my sister and I, but our real estate agent, attorney, contractor and insurance agent were all women. It was an amazing experience that we are so proud of.
* 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
How did the FortuneBuilders team and resources help you to accomplish this deal?
Fortune builders helps us with this deal in so many ways.
1) Our education made us aware that we had to have a team ready to mobilize allowing us to obtain a quick rehab estimate.
2) The deal analyzer tool allowed us to quickly analyze the deal to make a timely offer.
3) Our education around funding led to us obtaining a private money lender to help fund the downpayment, purchase closing costs, holding costs and financing costs (we basically used none of our own money). We also found a hard money lender to fund most of the purchase and 100% of the rehab.
4) Our coaches provided us with guidance and support which helped us build our confidence as we interacted with the sellers and business partners.
5) Prior to this flip we also purchased a rental property using private money for downpayment & rehab and seller financing. PP: $39k Rehab: $10k Monthly rent $1,200 Cap Rate: 30.8% ROI: 62.6%