Student Rehab Story, 5204 Wesley Road – Week 1
This is going to be a great rehab – so keep your hands in the car at all times, make sure any loose items are secure, please wait until the car has come to a complete stop before exiting, and <said in my King’s Dominion roller-coaster attendant voice> “Enjoy the ride.”
Mmmm…just look at that sweet piece. Does that look like opportunity, or what?
My student, Joann; a mother of three girls, a wife, and now part-time real estate investor, picked-up her very first rehab after joining our investment club less than 3-4 months ago. And as her coach and mentor – I am proud as a peacock. I’d hate to play poker with Joann, because she strikes me as the quiet calculating type; and unflappable at times when others would crumble.
Well, we’ll just see over the next few months how Joann keeps it together, cause’ folks – this is one serious rehab!
Address: 5204 Wesley Ave, Gwynn Oak, Maryland 21207 Google Map
Purchase Price: $50,500
Rehab Amount: $80,000
Description:
This craftsman style house was purchased from a wholesaler – who tried to pull a few fast one’s on Joann, but with my help, she successfully navigated through the bull-hockey being thrown by the wholesaler. Look at the pictures and you will see the house needs everything, including many dumpsters to haul away all the trash left by the previous owner.
The house has an unfinished full basement. On the main level; living room, dining room, very small kitchen, bathroom, and bedroom. Walk up the stairs to the second floor and you’ll find a dormer attic wi
th two small bedrooms. So that’s 3BR / 1BA.
TIP:
Always be ready to walk from a deal as you should always remember there will be another coming! If you feel like someone or something in the deal stinks like a skunk, then the whole deal stinks! You’ll find that some investors/wholesalers like to pull last minute stunts that increase your costs, and their total profit. It’s called the “puppy dog close.” Why do you think those pet stores in your local mall let you play with the puppy before they tell you how much cute little Fido costs? Because they want you to fall in love with that cute little pooping ball of fur before they slam you with the bill only after you already have visions of little Fido cuddling up next to you in bed! That’s what this wholesaler tried to do to Joann. Folks, never fall in love with a deal!
The Plan:
We are going to turn this craftsmen out! We’re talking full-gut rehab back to the studs. The budget allows for all new everything, with the exception of a finished the basement. We’re gonna tear out walls, add a big dormer, and totally change the functionality of this house to bring it into this century. Just wait. You’ll see. This house is going to be an absolute stunner!
So here’s the pictures of Joann’s very first day of demo! Enjoy, and check back next week for more progress.
Click this picture for more photos
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