Purchase Date: 7/22
The Deal:
The wholesaler was looking for $35,000, once we got a chance to view the property, we did everything we could to talk ourselves out of the deal, but ultimately this was a deal we couldn’t say no to. The primary reason for that was that we own several other houses in this area, and ultimately we wanted to control what happened to that house. While we were at the property we signed the purchase agreement and locked it up. We think our budget is between $40,000 – $50,000 to rehab the house, depending on if we need a new roof or not. We are projecting an ARV of approximately $135,000.
How Did We Find The Property?
We found this deal in our Facebook Group from a local wholesaler. It was our first time using this wholesaler, however, we saw the post almost as soon as it was listed and we were able to view the property the very next day.
How Did We Fund The Property?
For this particular property we considered buying the property with cash, however, we ended up using a hard money lender for the purchase. We were able to get 90% funding for the purchase price and 100% funding for the rehab. We did have to pay some pre-paid interest upfront at closing with our downpayment.
How Did We Fix The Property?
We started the process by eliminating all the trash, both inside and outside. Then we went in and demoed all the old kitchen cabinets, counters, a wall, the bathroom, etc. Next, we primed and painted everything, cleaned the windows extensively, installed new lights, outlets, and covers, and started putting it back together. We had to put in a new furnace/AC unit, new floors throughout, new appliances, cabinets, counters, sinks, etc for the kitchen, did some soffit and siding work outside and completed the project in roughly six weeks.
Before Video: Outside
Before Video: Inside
Update List:
- We removed all the trash inside and outside of the house – two 40-yard dumpsters worth!
- We did a complete overhaul to the landscaping of the property
- We power-washed, fixed the soffit, and painted the window awnings
- We added a 3rd bedroom
- We added a half bath
- We added a coat closet in the entryway
- We installed all new lights throughout the house
- Removed all the old flooring & installed all new vinyl plank
- We installed a new toilet, exhaust fan, and vanity in the bathroom
- We cleaned, primed, and painted the entire interior of the house
- We installed all new cabinets, hardware & countertops
- All new Whirlpool stainless steel appliances
- We replaced all the outlets & covers, as well as the light switches & covers
- And much, much, more!