Michael Gerrior Victory

 

Michael Gerrior Victory

CM Property Investors Inc. in Kingston, NS
Michael Gerrior with Christopher Gerrior

Type(s) of Victory: Got my first deal under contract


Hi, I just closed a deal on my first property. My real estate agent contacted me on a Sunday and said she had a house that had fire damage and the owner was bringing a group of contractors to make bid on the property the next day. She said if could be there in the next hour I could get first look at the property. I grab my folder with all my pre-printed forms and my camera and headed out for the property. I walked threw the property took lots of pictures and made as may notes as possible for rehabbing this property. Now came the hard part the owner said I only had about 2 hours to make the offer or he would let the other contractor come in and then take the best offer. I went back home to prepare my offer. The big factor with this property is that the fire damage was only to 12 floor joist and his insurance company had already done a complete gut job due to water and smoke damage. So the inside of the property was nothing but studs and the outside of the property was not damage at all. Here is where as my mastery training paid off. Only being a mastery student since March 2014. I had complete all my core training and went to Nashville for a rehab boot camp, so with that and having an excellent coach Darlene Smith I was ready for this. It only took me about 1 hour to have my offer ready . This was done by having a complete Scope Of Work per done for a full rehab with pricing for my local area. I did a Scope Of Work in advance for a full rehab so when I found my first property I though it would be easier for me to bid on it. Well all I did was insert the square the footage and added 15% to the cost and was good to go. The property present value was $120,000 and I offered $ 84,000 and the owner accepted my offer and we signed papers with my real estate agent that Sunday evening. Please note that I did have 5 days to meet conditions which was my out if i did anything wrong. I am not sure how many students have a complete Scope of Work done for a full rehab prior to even going out to look at properties but it sure paid off for me. I am putting $ 95,000 in repairs and will have a ARV of $ 260,000 when I am done. Last but not least always be prepared because you never know when a super deal may come by. CRUSH IT!


Shout Outs & Testimonials

Thanks Fortune Builders and the FB family for the training and support. I want to make a special thank you to coach Darlene Smith, Canada First Mastery Student. You have giving such a great amount of knowledge and support to me. Also for understanding my medical condition and adapting and adjusting your coaching skills to meet my needs to make my flipping company a success. I do not think I could have done it with you. Thanks you very much Darlene, you are one truly special person with a big heart!



* 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.