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rehab DEAL

Quincy Smith

2nd Exodus Investments, LLC in Miami, FL

While searching for areas of interest on the HUD site I came across the property on Berriedale Drive. rnInitially I thought the property would be easy to rehab and sell, however I ran into some issues with my contractors, the house, and inspections therefore we ran weeks longer than anticipated. Unfortunately I was unable to sale the property as fast as I planned on.rnDuring the last open house a buyer asked if I would be willing to do a 'lease to own' until she could get her credit high enough and get a reasonable interest rate on a loan. We agreed on a 36-month lease with a $5,000 non-refundable option fee at $850 monthly rental rate.rnShe contacted me during the 3rd year and informed me her son was moving away to college and she was preferred to move closer to him, forgoing the purchase of the house. rnI extended the lease past the original ending of Aug 2017 to March 2018 to give her enough time to stay for the ending of the school year and time for her move. rnI received an additional $850 per month for 42-months which equals out to $35,700. This was not all profit because I had taxes over the years for $3,300 and another $5,000 to get the house ready to put on the market. rn** So to recap and Breakdown of how the Money Flowed **rnPP: -$25,025rnRehab: -$19,000rnTaxes: -$3,300rnMake Ready: -$5,000rnUpfront Investment: -$52,325rnSales Price: $87,000rnOption Fee: $5,000rnRental Income: $32,400rnTotal Income: $124,400rnNet Profits: $124,400 - $52,325 = $72,075 (minus $2,550 to the seller for closing cost) $69,525 give or take a few dollarsrn

Rehab Details

Property City:
Fayetteville
Property State:
NC
Purchase Price:
$25,025
Repair Costs:
$19,000
Sale Price:
$124,400
* 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

Case Study

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

Definitely, the Rehab documents saved me on this deal, especially the contractor package properly filled out and explained during the hiring process. This process was my saving grace. So please make sure you have your contractor sign the 6-Critical Documents I'll be the first to admit in my excitement to get started on the Rehab I don't like to slow down to do this step, but it will save you money if things go wrong.

Before & After Photos