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R.E.I. Coaching Student Rehab: 2901 Violet Ave, Part 3

3549668640 3f49ae0dbc m R.E.I. Coaching Student Rehab: 2901 Violet Ave, Part 3Had some naysayers on this one.  Oh, I caught a lot hell along the way.  From investors, to wanna-be investors, and from mentors to just plain haters -- everyone seemed to have comments about 2901 Violet Ave. To be clear, the house is in a rough Baltimore City neighborhood called Park Circle.  With random murders, drug issues, the blinking-blue Baltimore Police lights and an occasional prostitute looking for her next John, this ain’t Leave It To Beaver.

But what most don’t know (and I’m glad they don’t) are the success stories in the neighborhood.  I won’t bore you with all the details, but there are good things happening.  I know I don’t look too smart, but even I’m not dumb enough to waltz into a neighborhood, do a full-gut rehab approaching 100K, and simply HOPE that the house will sell.  Fact is, it will sell. C’mon, you know we had more intel than just HOPE.

So feast your little eyes on this truly magnificent finished product.  My student Prencella Hall has worked her tail-end off to stage the property -- and quite honestly, I think she’s got a future in staging.  The place drips with opulence from the moment you walk in the door.

Take 7 minutes out of your busy life to watch this video.  If you’re thinking about being a rehabber, if you’ve got the itch to invest in real estate, but ya just don’t know how to scratch it -- I’m here to tell ya -- you can do it!  You just need a solid plan.  My student Prencella in her wildest dreams never thought this house could be so magnificent -- and she is overwhelmed with the results!

C’mon -- leave some comments below.  We want to hear from you.

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Posted by Craig on Thursday, May 21, 2009 at 1:55 am 
Filed under 2901 Violet Ave, Featured, Student Rehab Stories · Tagged with , , , , , , ,

  • scott
    All the furniture in the house...is that staging or does that come with the purchase. I'm getting ready to start my very first rehab. Your work on this house is VERY inspirational. You guys are awesome!
  • Scott. Thanks for your comments. We were VERY proud with the way Violet finished up. The place was stunning. The house was staged by the owner (my student). She had a REAL eye for staging though some would say that she probably went a bit overboard. You do not have to stage your houses to this level. We usually stage the first floor, LR, KIT and all baths. We sometimes stage the master bedroom as well. Typical costs in my area for this level of staging would be $2000 +300-400/month! That can REALLY eat into your profit so you MUST factor that cost in to your purchase.
  • Donna
    Craig
    Would that be possible to see the (rough) breakdown of all costs and expenses? We'd be curious to know what kind of money a rehab like this would cost.
    Also, please update us once the transaction is closed. Putting under contract doesn't mean much until you actually close :)
    Thanks
    Donna
  • Donna - As soon as the deal is done, I will ask my student if its OK to share the numbers and will post them for you. We should be going to closing very soon on this property.
  • Daniel Frisce
    Craig,


    This house is awesome. On first and only rehab so far, we took a 4-2 and converted to a 3-2 and gave a huge custom walk in closet. Our sold in 70 days, little longer than I wanted. Any way, love what you all did to this place. Up north, you have basements, in south Texas we do not, wish we did.

    Daniel
  • Daniel. Thanks for your comments. Selling in 70 days is a good thing in my market. So long as you made the money you wanted to make, who cares if it took 70 days to sell. Pat yourself on the back, and go do it again!
  • Ghiscard
    Amazing! You have definitely motivated me. Keep up the great work
  • Dang Craig,
    What a wonderful rehab. Where did you get those cabinets? Just a beatiful job. I really like the touches like the step up bath.

    From a fellow Club member.
  • Allen
    Craig

    You & your students are making things happen, not to mention that those rehabs are untouchable.
    Man who wouldn't want to live in a minni mansion. Great job PJ

    Allen (Bowie MD)
  • DonnA
    You go Prencella! This house is wonderful. If anyone could take a house and put it together with class and style it is you.
  • Donna - Thanks for your comments!
  • Looks amazing! There is something to be said for being an expert in an area right? Most investors seem to spread themselves to thin across to many neighborhoods causing them to miss the small changes, that you noticed, that makes the location a good investment. Nice work!

    <abbr>Scott’s last blog post..You won't beleive this!</abbr>
  • kevin
    excellent job!! love the size of this house and the finishes are very well chosen.
  • Way to go Prencella! Wonderful job. Now I know why you have been so busy, you staged it yourself! So when does the next one start? Wishing you a quick sale! Cheryl
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