Jordan Crist
Building Appalachia, LLC
in South Charleston, WV
Jordan Crist with Jacob Skinner
Foreclosure listed on the MLS. Funded using a blend of Hard Money and Private Funds. Purchased and Sold through Ann and Margaret Osborne of Family First Realty. This was a standard remodel that was completely blown by a poor selection of contractors. Bounced back by spending the extra money to fix mistakes by contractors, exceeding our budget by $20,000. Remodel took over 6 months, but the house was in contract twice within the first week of being listed for the full asking price. The house was in a good neighborhood, but it was broken into 3 times - once right before we purchased it by high school kids who were using the house as a party paradise and twice during the remodel. We learned to select contractors wisely and use contracts accordingly, set up security systems to mitigate loss due to theft, don't underestimate the budget to make the numbers work. Luckily it sold $20,000 then our original ARV, which saved us from taking a loss.
Rehab Details
Property City:
South Charleston
Property State:
WV
Purchase Price:
$70,000
Repair Costs:
$67,071
Sale Price:
$180,000
Case Study
How did the FortuneBuilders team and resources help you to accomplish this deal?
We purchased this house before we got into FortuneBuilders, but as soon as we joined we realized how important it is to select the right contractor for the job based on skill set and make sure they're licensed, insured, and willing to sign a contractual agreement and scope of work. If not then this is not the right guy for the job, find someone else at the first sign of incompetence.
