Projects

The Challenge

The seller, a homeowner of 30+ years, faced a daunting task. Their once grand 5,000 square foot home, now under the care of a grandparent, had fallen into disrepair. With a significant number  of personal items and major systems well past their prime (roof, HVAC, Plumbing, Electrical, Sewer, and a non-functional pool for over a decade), selling the property through traditional means seemed impossible.

Our Approach

Recognizing the unique challenges, ELEVATION collaborated with two promising investors from its ELEVATION Academy. The seller agreed to a cash purchase, but we offered the grandparent an additional few weeks to ease her moving process and related anxiety of leaving her family home. The flexibility allowed her to leave behind belongings she didn't need, resulting in an unexpected “inheritance” l of over 15 couches and loveseats.

The property, in need of extensive remodeling, exceeded the capacity of our student partners – both full-time engineers venturing into property redevelopment. They financed the purchase, while ELEVATION covered the entire $200k+ rehab cost and managed the contractors.

Execution

Post-rehab, we strategically listed the property as an ideal family home in the Spring of 2021. The meticulous planning paid off when the property sold for an impressive $75,000 over the asking price, fetching a grand total of $1 million. The net profit, just under $200,000, was split with our partners, marking a substantial milestone in their burgeoning real estate investing careers.

Impact

Beyond financial gains, this venture had far-reaching effects. One of our clients, inspired by the process, obtained her real estate license and seamlessly integrated into the ELEVATION team. This success story not only rejuvenated a neglected property, helped solve “Grandma’s" moving challenges while also empowering aspiring real estate professionals, fostering growth within the ELEVATION community.