PROPERTY ADDRESS: 11940 Six Gun Circle, Lusby, MD
How was the property acquired?
REO Purchase – Loan through Freeland Lending
AFTER REPAIR VALUE: $330-$350k
PURCHASE PRICE: $175,000
REHAB BUDGET: $75,000
ACTUAL REHAB COST: $77,500
SALE PRICE: $320k
What work did you/your contractors do on the property?
Total Rehab – New flooring, paint, kitchen & bathroom
Was there anything particularly special or challenging about the property?
ARV [was] not properly assessed.
Was there a lesson you learned from this particular property?
Have a local realtor that knows the area.
What part of SREC’s training, do you feel, helped you with this deal?
Coaching, weekly webinars, SREC members & team.
What do you feel helped you sell the property the most?
Firing our realtor and getting one in the area that properly priced and advertised the property.
What else would you like to say about the property or lessons that you learned from this property?
Do not over-price, get second opinions on ARV, obtain the correct loan for the project.
About Michael and Kathy Goggiano
Michael and Kathy Goggiano are SREC Mastermind students who live in California, but invest virtually in other markets.