RFG is a private money lender that lends to real estate investors in 38 states across the country. Here are just a few of the successful rehab projects our clients have tackled. From single family homes to multi-unit apartment buildings, every client did their research, put in the sweat equity, and in the end turned a handsome profit. Each is a lesson in savvy business decision making.
Case Study #1: Norwood Home Fix-to-Flip Project
Client: Richard O. – RFG Pro
Property Location: Norwood, PA
Property Description: Single Family Residence
Purchase Price of the Property: $61,000
Cost to Rehab Property: $44,500
Amount of the Loan: $105,500
Original Appraisal Value of Property: $65,000
Appraisal Value of Property After Rehab: $176,000
Sale Price: $175,000
Net Profit: $30,000
This project was a very extensive rehab from the start. When Richard purchased the distressed property, the kitchen and bathroom were already gutted, so he had to start from scratch in both of those key rooms. What started out as a modest 3 bedroom/1 bath single family home with an unfinished attic, Richard turned into a gorgeous 4 bedroom/2 bath home by finishing the attic with a bedroom and full bath. The unfinished basement only had 5’ ceilings, so he did not bother to finish that space, but he did move the laundry from the basement to the first floor, which was a huge improvement. Overall, the scope of the rehab was daunting, and there were cost over runs and some delays, but Richard’s improvements paid off handsomely, and he was able to quickly sell the home at a profit. Great job, Richard!
“Rehab Financial has helped me get several deals done despite some out of the ordinary situations. Their flexible draw schedules and helpful team made sure my contractors got paid on time and kept the project moving. The process was very easy.”
— Richard O.
Case Study #2: Drexel Hill Row Home Fix-to-Flip Project
Client: Richard O. – RFG Pro
Property Location: Drexel Hill, PA
Property Description: Row Home, End Unit
Purchase Price of the Property: $62,500
Cost to Rehab Property: $39,600
Amount of the Loan: $98,800
Original Appraisal Value of Property: $65,000
Appraisal Value of Property After Rehab: $152,000
Sale Price: $165,000
Net Profit: $51,000
This 4 bedroom/2 bath home with a paved driveway in front had a great location as an end unit. The walkout basement was originally a hair salon, but the township was not willing to allow the sale unless the basement reverted back from a commercial space into a private space. Richard agreed, and started to work. He replaced all of the plumbing and wiring. The kitchen became almost a complete gut. The drywall stayed in place, but he replaced everything else, including cabinets, appliances, countertops, and flooring. He was able to sell it for more than $10,000 over the new appraisal value, and net a tidy profit. Hard work pays off!
Case Study #3: Woodlyn Home Fix-to-Rent Project
Client: Richard O. – RFG Pro
Property Location: Woodlyn, PA
Property Description: Single Family Residence
Purchase Price of the Property: $126,000
Cost to Rehab Property: $30,600
Amount of the Loan: $152,750
Original Appraisal Value of Property: $135,000
Appraisal Value of Property After Rehab: $235,000
Monthly Rents Charged After Rehab: $2,400 ($2,000 for home, $400 for detached garage)
Richard doesn’t shy away from a challenge, so he took on converting a non-conforming duplex back into a single family home. By moving a few walls to adjust the layout, the each floor then boasted 2 bedrooms/1 bath, and their own individual kitchens, effectively turning the second floor into an in-law suite. For each kitchen, he replaced the laminate countertops with granite, and painted the existing cabinets. Richard also improved the functionality of the space by creating a laundry room out of unused space on the first floor. He rented the home to a multigenerational family, who wanted to live together, but still have their own kitchen spaces. It was the perfect fit! Plus, not only was Richard able to rent the home, he was also able to rent the detached garage. Now that’s savvy!
Case Study #4: Glenolden Home Fix-to-Rent Project
Client: Richard O. – RFG Pro
Property Location: Glenolden, PA
Property Description: Single Family Home
Purchase Price of the Property: $60,000
Cost to Rehab Property: $18,300
Amount of the Loan: $78,300
Original Appraisal Value of Property: $60,000
Appraisal Value of Property After Rehab: $130,000
Monthly Rents Charged After Rehab: $1,400
This 3 bedroom/1 bath single family home was in good shape when Richard bought it. He immediately recognized it as a very simple rehab project, and snapped it up. The house was covered in paneling, so the first thing Richard did was replace all of it with drywall. In the kitchen, he added new cabinets, and replaced the laminate countertops with granite. He replaced the plumbing fixtures as well as all of the electrical outlets and switches. The only additional upgrade required by the inspector was to replace 20’ of curb along the front of the property. The new tenants loved the clean look of the home, and Richard netted steady monthly income right away. He’s got a great eye for investment properties!
Case Study #5: Atlanta Apartment Building Fix-to-Rent Project
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After
Client: Ayesha S. – RFG Pro
Property Location: Atlanta, GA
Property Description: 12-Unit Apartment Building
Purchase Price of the Property: $850,000
Cost to Rehab Property: $167,495
Amount of the Loan: $1,017,495
Original Appraisal Value of Property: $1,020,000
Appraisal Value of Property After Rehab: $1,640,000
Monthly Rents Charged After Rehab: $17,400
Ayesha’s goal was to purchase a multi-unit apartment building, where the rents would more than cover the monthly mortgage, so the investment would pay for itself and provide a small passive income. After a long search, she purchased a 12-unit apartment building in a great area of Atlanta. The seller was extremely motivated, and the property had a very reasonable asking price. The building itself was in good shape, and only required cosmetic upgrades. Once the upgrades were made, Ayesha was able to double the average rent for each unit, charging an average of $1,500 per month per unit. Her fix-to-rent advice: “Never underestimate tenants or the process of evicting them. If you are not an experienced property manager, don’t take it lightly.” Thanks for the tip, Ayesha!
“RFG is a great lender. The whole process is so smooth. No complaints!”
— Ayesha S.
Case Study #6: Harrisburg Home Fix-to-Flip Project
Before
After
Client: Demery G. – RFG Pro
Property Location: Harrisburg, PA
Property Description: 3-Story Twin Home
Purchase Price of the Property: $58,000
Cost to Rehab Property: $39,615
Amount of the Loan: $87,750
Original Appraisal Value of Property: $58,000
Appraisal Value of Property After Rehab: $135,000
Sale Price: $165,000
Net Profit: $45,000
Demery did her homework, and found a promising fix-to-flip project in a 3-story twin home in the Harrisburg area. The home was about in foreclosure. Some updates had been started, but were never completed. There was wallpaper everywhere, but the house had nice bones — hardwood floors, clawfoot bathtub, and a clay tile roof. After her offer had been accepted, it was discovered that the roof required $10k in repairs. While that would have sunk most projects, Demery’s detailed budget had built in a margin for contingencies. She moved forward with the rehab, and netted a handsome profit of $45k!
Case Study #7: Alexandria Home Fix-to-Flip Project
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After
Client: Jason W. – RFG Pro
Property Location: Alexandria, VA
Property Description: Single Family Home
Purchase Price of the Property: $360,000
Cost to Rehab Property: $39,575
Amount of the Loan: $336,700
Original Appraisal Value of Property: $365,000
Appraisal Value of Property After Rehab: $518,000
Sale Price: $483,000
Net Profit: $40,000
Jason is a successful house flipper with 8 property flips under his belt. Northern Virginia is a very competitive real estate market, so there is a low inventory of foreclosures and short sales. Jason’s strategy is to search for under-built homes in highly desired locations, and vastly improve them without out-pricing the neighborhood. Jason picked up this outdated property, knowing that comps in the neighborhood had recently sold for almost $200k more than Jason’s purchase price. He invested time and money in creating an open floor plan for the first floor, and adding dormers to the front and back of the house to open up the smaller feel of the second floor. Lastly, he installed a fence in the backyard, adding pet-friendly appeal to this home. Great idea!
Case Study #8: Flemington Home Fix-to-Flip Project
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After
Client: Jennifer P. & Louis A. – RFG Pro
Property Location: Flemington, NJ
Property Description: Single Family Home
Purchase Price of the Property: $140,299
Cost to Rehab Property: $110,224
Amount of the Loan: $250,523
Original Appraisal Value of Property: $180,000
Appraisal Value of Property After Rehab: $390,000
Sale Price: $395,000
Net Profit: $75,000
Jennifer and Lou chose a very unique property for their fix-to-flip project. They found a small home on 4 acres of land that a bank was holding in foreclosure. The property was surrounded by gorgeous larger properties and fully-equipped horse farms. That meant their project was ideally suited for adding value. The 4 acres included land with pastures, woods, a creek, a small horse barn, and a smaller house that could be improved to more closely match the value of the properties around it. They added significant value by finishing the basement in the main house, and rehabbing the barn. The septic system ended up needing $15k more work than first anticipated, but their conservative budgeting meant this extra expense didn’t sink the project. They found a buyer who paid their full asking price after only 3 days being listed. Great work!
Case Study #9: Jacksonville Home Fix-to-Flip Project
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After
Client: Clive D. – RFG Pro
Property Location: Jacksonville, FL
Property Description: Single Family Home
Purchase Price of the Property: $132,107
Cost to Rehab Property: $36,740
Amount of the Loan: $146,250
Original Appraisal Value of Property: $150,000
Appraisal Value of Property After Rehab: $225,000
Sale Price: $250,000
Net Profit: $50,000
Clive’s goal was to be a full-time flipper. Wisely, he kept his day job while he tackled his first few flips, and learned a lot about the real estate investment industry. Eventually he left his job to focus solely on rehabbing, and sets his sights on 12 flip projects per year. He’s become an expert at project management, scheduling contractors to overlap if possible. He thinks any flip should take less than 6 weeks to do the work needed on the property. In order to account for the variability in the business, Clive takes a minimal salary and rolls the rest of the profits back into the investment. He’s found even more savings by getting his real estate license, and avoiding a lot of fees on each deal. Smart!
Case Study #10: Cranford Home Fix-to-Flip Project
Client: Ernesto O. & Anna K. – RFG Pro
Property Location: Cranford, NJ
Property Description: Single Family Home
Purchase Price of the Property: $390,000
Cost to Rehab Property: $131,670
Amount of the Loan: $435,500
Original Appraisal Value of Property: $405,000
Appraisal Value of Property After Rehab: $670,000
Sale Price: $700,000
Net Profit: $100,000
Ernie and Anna have successfully flipped 6 properties in NJ. They have kept their day jobs, and have relied heavily on a strong team of contractors, realtors, and brokers. “The more trustworthy people you have on your side, the more likely you are to be successful!” said Anna. Ernie and Anna say the biggest holdup on their projects is the permitting process. In NJ, this can take several weeks or months. It’s a good thing that your business is running efficiently if you can get work done faster than you can get the permits! As they gain more experience as real estate investors, their tentative plan is to transition to be full-time flippers within 5 years. Good luck, guys!
Case Study #11: Philly Home Fix-to-Rent Project
Case Study #12: Philly Home Fix-to-Rent Project
Client: Travis R. & Brian G. – RFG Pro
Property Location: Philadelphia, PA
Property Description: Single Family Home
Purchase Price of the Property: $50,000
Cost to Rehab Property: $33,295
Amount of the Loan: $83,295
Original Appraisal Value of Property: $50,000
Appraisal Value of Property After Rehab: $143,000
Monthly Rents Charged After Rehab: $950
Travis and Brian found one of their many investment properties close to a growing university. By looking at enrollment trends over the last several years, and seeing an increase of several hundred students per year, it became obvious that the market values would be rising with this surge in demand. One of their goals was to be the premier section 8 landlord in the area. They built a team of experts in each trade that they rely on for every fix to rent. They have also developed a video walkthrough and 3D imaging technique that their team uses to stay in constant communication. They might have 5 or 6 projects going on simultaneously that they can check in on digitally, saving them time and money. Last but not least, Travis and Brian believe the extra work and due diligence on the front end screening of renters will pay huge dividend down the line. RFG has partnered with Travis and Brian on over 100+ projects and considers them on of the leaders in the fix to rent space. Very Savvy!
“We view RFG as our short-term and long-term partner. They are one of the best lenders in the business.”
— Travis R.
Case Study #11: Norwood Duplex Fix-to-Flip Project
Client: Angelo G. – RFG Expert
Property Location: Norwood, PA
Property Description: Duplex
Purchase Price of the Property: $66,000
Cost to Rehab Property: $109,000
Amount of the Loan: $175,000
Original Appraisal Value of Property: $75,000
Appraisal Value of Property After Rehab: $270,000
Sale Price: $320,000
Net Profit: $100,000
This three-story duplex was a top-to-bottom rehab that would have intimidated many flippers, but not Angelo. He jumped in with a crowbar, and took the entire building down to the studs. He replaced all the electric, the plumbing, and the flooring. He put in new drywall throughout, and installed two new kitchens and three new bathrooms. The layout of the duplex was a 2 bed/1 bath apartment on the 1st floor, and a 3 bed/2 bath apartment on the 2nd and 3rd floors. After the rehab was complete, he held on to the property and rented both apartments. But he did such a great job on the rehab that 6 months later someone offered to buy the property as a turnkey rental for themselves. Angelo made a tidy profit on the project, and funneled the funds into his next flip. Way to go, Angelo!
“You can’t beat RFG’s deal — 100% loans make it easy.”
— Angelo G.
Case Study #12: Philly Quad Fix-to-Rent Project
Client: Angelo G. – RFG Expert
Property Location: Philadelphia, PA
Property Description: Quad
Purchase Price of the Property: $193,500
Cost to Rehab Property: $110,050
Amount of the Loan: $303,550
Original Appraisal Value of Property: $100,000
Appraisal Value of Property After Rehab: $467,000
Monthly Rents Charged After Rehab: $4,500
This mixed-use property is hopping with activity. A 3-story building, the first floor is a 1,000 sq ft commercial space, and the 2nd and 3rd floors house four 1 bed/1 bath apartments. Angelo did a “vanilla box rehab” to the commercial space, meaning he took the space down to the studs, and installed new drywall with white paint to turn it into a clean “vanilla box.” It was originally a hair salon, but Angelo replaced the buckled laminate floor with a nice tile, added lighting, upgraded the public bathroom facilities to two bathrooms, and rented the space out as a convenience store for the neighborhood. For the four apartments, Angelo installed a new kitchen and bath in each, along with new flooring, paint, and windows. Overall, the building is a beautiful addition to the neighborhood!
“I feel like RFG has grown with me. When I was first learning the flipping business, they had me focus on single family homes. After I had some successes, I brought a mixed-use property to them that had a commercial space on the first floor. They listened to my plans, and approved my loan!”
— Angelo G.
Case Study #13: Philly 9-Unit Fix-to-Rent Project
Client: Angelo G. – RFG Expert
Property Location: Philadelphia, PA
Property Description: 9 units
Purchase Price of the Property: $248,750
Cost to Rehab Property: $102,250
Amount of the Loan: $351,000
Original Appraisal Value of Property: $275,000
Appraisal Value of Property After Rehab: $540,000
Monthly Rents Charged After Rehab: $5,500
This 9-unit complex was a giant undertaking, but Angelo was up for the challenge. The building features four 2 bed/1 bath apartments, and five 1 bed/1 bath apartments. It was only at 50% occupancy when Angelo bought it, so he worked his way through the building slowly, upgrading each apartment when it was empty with new drywall, paint, flooring, plumbing, and small electrical work. The building is now fully occupied, and Angelo is turning his attention to the 4 garages that are part of the building. With a little clean up work, he plans to rent them out for $600/month in addition to the rent he gets for the 9 apartment units. Now that’s a great idea!
“RFG is a great partner to have in the business. They are very flexible, and open to new properties I bring to them.”
— Angelo G.
Case Study #14: Philly Duplex Fix-to-Flip Project
Client: Angelo G. – RFG Expert
Property Location: Philadelphia PA
Property Description: Duplex
Purchase Price of the Property: $60,000
Cost to Rehab Property: $102,614
Amount of the Loan: $162,614
Original Appraisal Value of Property: $75,000
Appraisal Value of Property After Rehab: $265,000
Sale Price: $350,000
Net Profit: $130,000
This duplex had great “bones,” so Angelo jumped on the property when it came on the market. The 1st floor was a 2 bed/1 bath apartment, and the 2nd and 3rd floors was a 3 bed/2 bath apartment perfect for a bigger family. Angelo focused on the basics, and replaced the electric, plumbing, and flooring. He repainted the interior of both apartments in a neutral shade so it would be easy for any prospective tenant to envision themselves there. While he was originally planning on holding the property as a long-term rental, Anthony instead opted to make this a quick flip, and reinvest his profits into more properties. Now that’s a long-term plan for success!
“RFG took a chance on me when I was a first-time flipper. I love working with them!”
— Angelo G.
Case Study #15: Philly Triplex Fix-to-Rent Project
Client: Angelo G. – RFG Expert
Property Location: Philadelphia, PA
Property Description: Triplex
Purchase Price of the Property: $40,000
Cost to Rehab Property: $49,500
Amount of the Loan: $89,500
Original Appraisal Value of Property: $60,000
Appraisal Value of Property After Rehab: $140,000
Monthly Rents Charged After Rehab: $3,100
This 3-floor house was a beauty, so Angelo was excited to start work on it. Each floor was it’s own apartment — the 1stand 2nd floors each featured a 2 bed/1 bath apartment, the 3rd floor featured a 1 bed/1 bath apartment. Angelo took the entire triplex down to the studs, and replaced the electric, plumbing, and flooring. Once drywall was back in place, and 3 new kitchens and bathrooms had been installed, Angelo was able to quickly rent all three apartments The steady income is helping him to quickly pay down the mortgage. Way to go, Angelo!
“Brian at RFG is my guy! He is happy to talk to me about any property I see potential in. I appreciate the support!”
— Angelo G.
Case Study #16: Philly Mixed-Use Triplex Fix-to-Rent Project
Client: Al C. – RFG Veteran
Property Location: Philadelphia, PA
Property Description: Triplex
Purchase Price of the Property: $55,000
Cost to Rehab Property: $133,000
Amount of the Loan: $188,000
Original Appraisal Value of Property: $65,000
Appraisal Value of Property After Rehab: $292,000
Monthly Rents Charged After Rehab: $2,900
This mixed-use triplex was an interesting project. The 1st floor featured a commercial space, and the 2nd and 3rd floors each featured a 3 bed/1 bath apartment. Both apartments were spacious enough to house a family, so Al knew this would be a great investment. He did a total gut to the building, and installed new electric, plumbing, heating, and carpet throughout, as well as a new kitchen and bath to each apartment. Al also added a new bathroom to the commercial space, and quickly rented it out to a hair salon. Great job, Al!
“When they say they’ll do it, RFG gets it done.”
— Al C.
Case Study #17: Philly 7-Unit Building Fix-to-Rent Project
Client: Al C. – RFG Veteran
Property Location: Philadelphia, PA
Property Description: 7-Unit Apartment Building
Purchase Price of the Property: $70,000
Cost to Rehab Property: $115,000
Amount of the Loan: $185,000
Original Appraisal Value of Property: 75,000
Appraisal Value of Property After Rehab: $500,000
Monthly Rents Charged After Rehab: $6,000
Al C. has been in construction all his life, so when he came across a 7-unit rental property in the Temple University Hospital area selling for $55k, he knew that this was a project he could sink his teeth into. The configuration of the building was two 3 bed/1 bath apartments, two 2 bed/1 bath apartments, one 1 bed/1 bath apartment, and two studios. The property needed a top-to-bottom rehab, updating kitchens, bathrooms, new carpeting, and numerous exterior repairs. RFG’s quick approval process was crucial for Al, who said that in the fast-moving Philadelphia real estate market, every day spent waiting for loan approval could derail his project. Within one week, Al had secured funding, and was able to purchase the property and start the rehab. It was the first big step on the road to success!
“RFG is very professional. They treat me like a partner.”
— Al C.
Case Study #18: Philly Mixed-Use Quadplex Building Fix-to-Rent Project
Client: Al C. – RFG Veteran
Property Location: Philadelphia, PA
Property Description: Mixed-Use Quadplex
Purchase Price of the Property: $85,000
Cost to Rehab Property: $180,000
Amount of the Loan: $265,500
Original Appraisal Value of Property: 90,000
Appraisal Value of Property After Rehab: $425,000
Monthly Rents Charged After Rehab: $5,000
This mixed-use building was located on a bustling section of Chestnut Street, so Al knew the property would be very sought after if he put in the sweat equity to rehab and upgrade it. The configuration of the building was a commercial space on the first floor, three 1 bed/1 bath apartments, and one 2 bed/1 bath apartment. Al took the building down to the studs, and installed new drywall, electric, plumbing, heating, and flooring. He rented the commercial space to a tax office, and quickly rented out the four apartments to good tenants. It’s a great property that now provides steady income. Smart thinking, Al!
“RFG is great! They expedite paperwork processing and funding, so I can get moving on the project ASAP.”
— Al C.
Case Study #19: Philly Quadplex Fix-to-Rent Project
Client: Al C. – RFG Veteran
Property Location: Philadelphia, PA
Property Description: Quadplex Building
Purchase Price of the Property: $76,500
Cost to Rehab Property: $112,200
Amount of the Loan: $188,400
Original Appraisal Value of Property: $77,000
Appraisal Value of Property After Rehab: $310,000
Monthly Rents Charged After Rehab: $3,500
This quadplex was in an excellent location on a high-profile street in Philly, so Al jumped at the chance to purchase it. The four 1 bed/1 bath apartments were mirror images of each other, so it was easy for Al to standardize his rehab plans. He installed new electric, plumbing, flooring, and an electric heating system throughout the entire building. He put in a new kitchen and bathroom in each apartment, with new appliances. New paint in every room was the finishing touch. Al rented the place out in the blink of an eye, and his four tenants are very happy there. Now that’s efficient!
“Everyone at RFG is so personable. No matter how complicated a project may be, it’s a pleasure to work with them.”
— Al C.
Case Study #20: Philly 5-Unit Apartment Building Fix-to-Rent Project
Client: Al C. – RFG Veteran
Property Location: Philadelphia, PA
Property Description: 5-Unit Apartment Building
Purchase Price of the Property: $135,000
Cost to Rehab Property: $148,000
Amount of the Loan: $267,800
Original Appraisal Value of Property: $140,000
Appraisal Value of Property After Rehab: $412,000
Monthly Rents Charged After Rehab: $4,700
Al makes it his business to focus on multi-family buildings, and this 5-unit building was right up his alley. The configuration of the building was four 1 bed/1 bath apartments, and one studio apartment. Al quickly installed new electric, plumbing, heating, and flooring throughout. He put in a new kitchen and bath in each of the five apartments, and was able to rent out the entire building in short order. Al is hopeful it will be fully rented out for many years to come!
“RFG has always been open to considering any project I’ve brought to the table. I appreciate that.”
— Al C.
Case Study #21: Philly 5-Plex Apartment Building Fix-to-Rent Project
Client: Al C. – RFG Veteran
Property Location: Philadelphia, PA
Property Description: 5-Unit Apartment Building
Purchase Price of the Property: $35,000
Cost to Rehab Property: $267,800
Amount of the Loan: $267,800
Original Appraisal Value of Property: $35,000
Appraisal Value of Property After Rehab: $412,000
Monthly Rents Charged After Rehab: $4,700
This building was a duplicate to the building Al had purchased right next door. The difference was that the first building had good bones, and it was a pretty straight forward rehab. This building was just a shell, and required a total frame-out just to get started. But Al already knew his way around the plans with four 1 bed/1 bath apartments and one studio apartment, and quickly jumped in on this total reconstruction. He was able to turn this diamond in the rough into a matching gem to the one next door in short order. It was a ton of work installing new electric, plumbing, heating, and flooring, and the 5 new kitchens and baths were very labor intensive, but the results speak for themselves. Now Al has ten units between the two matching buildings, and he is proud of the 100% occupancy in both. What an accomplishment!
“I have always been treated with respect by RFG. I really feel like they want me to succeed.”
— Al C.
Case Study #22: Darby Triplex Fix-to-Rent Project
Client: Al C. – RFG Veteran
Property Location: Darby, PA
Property Description: Triplex
Purchase Price of the Property: $54,000
Cost to Rehab Property: $82,500
Amount of the Loan: $136,500
Original Appraisal Value of Property: $60,000
Appraisal Value of Property After Rehab: $210,000
Monthly Rents Charged After Rehab: $2,800
Sometimes when a project looks too good to be true, you should grab it and don’t look back. When Al came upon this triplex, he scooped it up immediately. The rehab looked very straightforward to his trained eye, and the execution went just as planned. No huge hiccups. No surprises buried in the wiring. That is not to minimize the scope of the project. The two 2 bed/1 bath and one 1 bed/1 bath apartments all needed to be taken down to the studs. But Al knew just what to do, and quickly redid the electric, plumbing, heating, and flooring, and installed 3 new kitchens with all new appliances and 3 new bathrooms. It was a lot of work, but it’s work Al knows how to do well, and all three apartments are now rented out to vetted tenants. Now that’s how to run an efficient rehab!
Case Study #23: Philly Single Family Home Fix-to-Flip Project
Client: Al C. – RFG Veteran
Property Location: Philadelphia, PA
Property Description: Single Family Home
Purchase Price of the Property: $100,000
Cost to Rehab Property: $62,500
Amount of the Loan: $162,500
Original Appraisal Value of Property: $110,000
Appraisal Value of Property After Rehab: $252,000
Sale Price: $289,000
Net Profit: $95,000
Al has a long-term buy-and-hold strategy for his real estate portfolio, so he prefers to focus his efforts on rehabbing multi-family dwellings. But this single family home had good bones, and Al knew that with a little TLC he could turn it around and sell it for a tidy profit in short order. This 4 bed/3 bath home was a total gut, and Al redid the electric, plumbing, heating, and flooring. He installed carpet in all the bedrooms, put in a new kitchen with new appliances, and overhauled all three bathrooms. The outcome was a great success, and Al immediately reinvested his profit into a new project. This single family home was a great choice for infusing some quick cash into his real estate investment business!
Case Study #24: Philly Triplex Fix-to-Rent Project
Client: Al C. – RFG Veteran
Property Location: Philadelphia, PA
Property Description: Triplex
Purchase Price of the Property: $65,000
Cost to Rehab Property: $107,500
Amount of the Loan: $172,500
Original Appraisal Value of Property: $70,000
Appraisal Value of Property After Rehab: $267,000
Monthly Rents Charged After Rehab: $2,900
Al has tackled many projects where the cost to rehab the building was over $100,000, so this triplex project was nothing out of the ordinary for him. The configuration of the building was two 2 bed/1 bath apartments and one studio. His approach to rehabbing is to totally gut the building so that all of the systems he installs are good quality and able to last a long time. Al installed new electric, plumbing, heating, and flooring. He put in three new kitchens and bathrooms, including all-new appliances and fixtures. He currently has 100% occupancy in this building, and his tenants are very happy in their new homes. Another great addition to your real estate portfolio, Al!
Case Study #25: Philly Griscom Street Triplex Fix-to-Rent Project
Client: Al C. – RFG Veteran
Property Location: Philadelphia, PA
Property Description: Triplex
Purchase Price of the Property: $115,000
Cost to Rehab Property: $27,500
Amount of the Loan: $142,500
Original Appraisal Value of Property: $120,000
Appraisal Value of Property After Rehab: $240,000
Monthly Rents Charged After Rehab: $2,600
Al was very excited to start to work on this rehab project. The estimated cost to rehab the property was quite minimal, just over $25,000. But his efforts paid off handsomely, and the appraisal value of the property doubled. The configuration of this building included two 1 bed/1 bath apartments and one studio. Al put in three modest kitchens and baths, and brightened the place up with new paint throughout. The rest was tenant-ready, and Al was able to turn the place around to new renters in a snap. Now he nets steady rent each month without any further upgrades. That was a great deal!
Case Study #26: Philly Vine Street Duplex Fix-to-Rent Project
Client: Al C. – RFG Veteran
Property Location: Philadelphia, PA
Property Description: Duplex
Purchase Price of the Property: $80,000
Cost to Rehab Property: $49,280
Amount of the Loan: $129,280
Original Appraisal Value of Property: $85,000
Appraisal Value of Property After Rehab: $250,000
Monthly Rents Charged After Rehab: $2,400
Vine Street in Philly is a well-known address, and now Al has a piece of that street in his real estate portfolio. He quickly scooped up this duplex, featuring two 2 bed/1 bath apartments. He took the building down to the studs, installing new electric, plumbing, heating, and flooring, as well as two kitchens and bathrooms. All of that effort paid off when the appraisal value of the duplex almost tripled. Now he has two great tenants in place, and they love living on Vine Street. That’s a property that will always be in demand!
Case Study #27: Norfolk Duplex Fix-to-Rent Project
Before
After
Client: Terreon C. & Larry P. – RFG Expert
Property Location: Norfolk, VA
Property Description: Duplex
Purchase Price of the Property: $75,000
Cost to Rehab Property: $51,600
Amount of the Loan: $123,500
Original Appraisal Value of Property: $90,000
Appraisal Value of Property After Rehab: $190,000
Monthly Rents Charged After Rehab: $2,000
Terreon and Larry have completed multiple real estate projects together, and their goal is to amass a real estate portfolio featuring multiple rental properties to build generational wealth they can pass on to their children. By pooling their funds and their talent, they are able to invest in properties and projects much larger than each could afford on their own. Their Norfolk duplex property rehab went well, and they are able to charge rent of $2k per month. Terreon and Larry are looking to duplicate their results with a comparable property just a short distance from this successful one. Congrats guys!
Case Study #28: Norfolk 4-Unit Fix-to-Rent Project
Client: Terreon C. – RFG Expert
Property Location: Norfolk, VA
Property Description: 4-Units
Purchase Price of the Property: $40,000
Cost to Rehab Property: $154,770
Amount of the Loan: $194,770
Original Appraisal Value of Property: $40,000
Appraisal Value of Property After Rehab: $262,500
Monthly Rents Charged After Rehab: $4,000
Terreon knew this rehab project was going to be a challenge, because he had to correct structural issues within the building before he could even think about tackling anything cosmetic. He jumped in, took the building down to the studs, and replaced joists, girders, and beams throughout. He brought all electrical, plumbing, heating, and central air systems up to par before he closed up the walls and got to work on the interiors. The configuration of this quadplex was two 3 bed/1 bath units and two 2 bed/1 bath units. He installed four new kitchens, with new flooring and new appliances. He also installed four new bathrooms, and added in a washer/dryer hook-up in each unit. Terreon also re-sided the entire exterior of the building, making it the gem of the block. All four units were quickly scooped up by new tenants, and Terreon is exceedingly proud of the beautiful property that is now a central part of his real estate investment portfolio.
“RFG is super easy to work with. I work with Brian, and he is really helpful. He knows how to move through the application process so quickly and efficiently.”
— Terreon C.
Case Study #29: Norfolk Duplex Fix-to-Rent Project
Client: Terreon C. – RFG Expert
Property Location: Norfolk, VA
Property Description: Duplex
Purchase Price of the Property: $107,500
Cost to Rehab Property: $38,000
Amount of the Loan: $130,000
Original Appraisal Value of Property: $110,000
Appraisal Value of Property After Rehab: $200,000
Monthly Rents Charged After Rehab: $2,500
Terreon had a tight rehab budget to get this duplex updated, and ready for new tenants. The configuration of the house was a 3 bed/2 bath unit downstairs, and a 2 bed/1 bath unit upstairs. Terreon cleaned up the electric and plumbing, put in all new flooring and paint throughout, and invested his time and talents in putting in new kitchens and baths on both floors. He also added air conditioning as the final key upgrade. He quickly rented out both floors to great tenants who are very happy in their new home. Great job, Terreon!
“RFG is never flustered when there are hiccups with a property. They always step up and say, ‘How can we make this work for you?’. I really appreciate that kind of support.”
— Terreon C.
Case Study #30: Norfolk 2-Units Fix-to-Rent Project
Client: Terreon C. – RFG Expert
Property Location: Norfolk, VA
Property Description: 2-Units
Purchase Price of the Property: $77,000
Cost to Rehab Property: $72,000
Amount of the Loan: $139,750
Original Appraisal Value of Property: $77,000
Appraisal Value of Property After Rehab: $215,000
Monthly Rents Charged After Rehab: $2,650
Terreon recognized this beautiful property as a diamond in the rough, and scooped it up right away. The configuration of the building featured a 3 bed/1 bath unit and a 4 bed/2 bath unit. The second unit was big enough to house a family and the property was located in a good school district, so Terreon knew he’d have long-term tenants if he put in the sweat equity to upgrade the property. He cleaned up the electrical, plumbing, and heating systems, and installed vinyl plank flooring. He put new kitchens into each unit, as well as all new bathrooms. He turned this property around, and quickly rented out both units. Way to go, Terreon!
“RFG is so professional. They are the ones who help me find solutions when there are road blocks with the township. I feel like they’ve seen it all, and they always have helpful ideas for me.”
— Terreon C.
Case Study #31: Portsmouth Fix-to-Flip Project
Client: Terreon C. – RFG Expert
Property Location: Portsmouth, VA
Property Description: Single Family Home
Purchase Price of the Property: $92,300
Cost to Rehab Property: $54,750
Amount of the Loan: $92,000
Original Appraisal Value of Property: $48,700
Appraisal Value of Property After Rehab: $142,000
Sale Price: $199,000
Net Profit: $75,000
Terreon usually focuses on building his real estate portfolio with multi-family properties, but this single family home was too good a deal to pass up. With this 4 bed/2 bath home, Terreon knew to keep his rehab budget modest, and focused on the big picture. He gutted the interior to upgrade the electric, plumbing, heating, and air conditioning. He installed a new kitchen and two new bathrooms. And he vastly improved the curb appeal of the home by re-siding the entire house. The finished product was a beauty, and Terreon quickly sold it for a tidy profit that he was quick to invest in acquiring another multi-family property. Nice work, Terreon!
“When I first started flipping houses, I literally Googled ‘hard money lenders,’ and RFG came up in the search. I called them up, and I could immediately tell they knew what they were doing. I knew I could leave the financing issues to them, and focus on finding the best real estate deals available. We’re a good match.”
— Terreon C.