rehab DEAL

Samantha Heron

Lotus Property Sisters, LLC in New Castle, DE
Samantha Heron with Regina Stevens

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.

Rehab Details

Property City:
Staten Island
Property State:
NY
Purchase Price:
$370,000
Repair Costs:
$97,800
Holding Costs:
$93,632
Sale Price:
$650,000
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Case Study

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%

Before & After Photos