Amazing House of the Week Renovation in Florida!

March 9, 2016

Also known as the “The REO Rockstar,” our borrower, Lee Kearney is one of the nation’s top wholesaler’s of bank-owned foreclosure houses. He resides in Tampa, FL where he regularly wholesales 15 to 20 houses per month as part of his real estate investing strategy. Wholesaling is just part of his Real Estate business.

Lee built his company, SPIN Real Estate, with his wife and recently opened a new office in Miami. SPIN offers a variety of expertise in many areas in the Fix and Flip process, from broker to contractor and designer. Most people want to work with experts. SPIN has brought hands-on specialists together to manage all facts of financing rental properties – from simple property transactions to renovation to resale – they handle it all.

This #houseoftheweek is one of many homes that they purchase, renovate and resell in the Central Florida area.

Lee reports that they took a huge of risk with this house as, “It was a scary prospect from the start but we committed to this deal because it had a tremendous upside. When we acquired the property it was occupied with uncooperative residents neither willing to pay rent or leave. After a long battle through the eviction process it was no surprise when we got possession the property was left in terrible condition. We had a long scope of work from ceiling to slab and nearly everything needed to be fixed or replaced. Fortunately, at SPIN, we have a crew of contractors and design team that completed this challenging rehab project in under 25 days. An additional testament to our amazing team, this home went under contract at full asking price three days after it was placed on the market!”

This 3 bedroom 2 bath home, just a short drive to Florida’s most beautiful beaches, is currently in escrow. The property was financed with a credit line by CoreVest.

CoreVest is a leading provider of financing solutions to residential real estate investors. We provide attractive long-term debt products for stabilized rental portfolios as well as credit lines for new acquisitions. For more information about how CoreVest can help grow your rental and rehab business, please call 844.223.2231 or submit our contact form.