$30k in 6 months...the deal that got away
As Realtors we see a LOT of great "fixer upper" house deals come and go on the market. THIS is an example of one that we almost bought...but we weren't fast enough getting our funding together. Regardless, it's fun to keep and eye on these kinds of houses to see what the buyer does to the property and what it sells for after being renovated. These were the numbers on this deal: PRE-RENOVATION LIST PRICE: $140,000 ESTIMATED RENOVATION BUDGET REQUIRED: $50,000 (all new kitchen and baths, flooring, carpet, paint, roof...) + HOLDING/CLOSING COSTS (taxes/insurance/commission/closing costs...): $15,000 MARKET VALUE AFTER RENOVATION: $230,000 ACTUAL PURCHASE PRICE: $132,000 ACTUAL AFTER RENOVATION SALES PRICE: $235,000 PROFIT was likely in the $25,000-$35,000 range Here are a few photos. They did a great job on this renovation:
There are a number of ways to get involved with real estate investments that we can help with: 1) Funding (we are always seeking more cash investors to fund our renovation projects) 2) We help people buy and sell fixer uppers or rentals 3) We help buyers find a personal property to fix up using renovation loans
Get in touch if you'd like to work with us in any of these ways. Call/Text: 815-507-2229 Davis@Lewkepartners.com
