Chris W. - Man of Many Talents
Chris is an experienced rehabber who has taken on more and more of the responsibility for his business over the years. While renovating a set of duplexes in the Temple University area of Philadelphia, PA he had some budgeting disagreements with his contractor that resulted in them parting ways- permanently.
A blessing in disguise, this experience helped convince Chris to get certified as a contractor himself, as well as become a licensed real estate agent! Doing these jobs on his own saves money on the project and gives him more control as an investor. He is going to keep contracting his own jobs because of the increased control of his team and closer communication with the workers it gives him.
Another benefit of becoming his own general contractor was that he built up a nice database of skilled contacts for future jobs.
Chris purchased the set of duplexes after another, low quality rehab had been attempted. The electrical and plumbing systems still needed updating, and many of the changes the previous owner made were not up to the standard of the neighborhood.
Chris budgeted to make the necessary changes, keeping in mind the average, future rent for each unit in the building based on neighborhood comps. This convinced him that it was worth investing in higher end finishes like granite and stainless steel.
Chris successfully finished the rehab on time, refinanced to a standard home loan and was able to rent out all the units for a profit.
Experience with Rehab Financial:
Chris’s loan was approved within two weeks, helping keep his project on track. He found Rehab Financial’s appraisers very knowledgable and helpful, especially when it came to understanding the post-rehab value of his properties.
Susan and Kristi, president and loan underwriter at Rehab Financial respectively, enjoyed working with Chris to quickly process draws on the loan and help him find success!