Eric D. Coleman Financial Group partnered with BDA Properties and Team Mayfield to buy, fix and flip an older home in Dunbar, West Virginia. The owners of BDA Properties (Robert and Angela Dobson) and Team Mayfield (Angela Mayfield) are members of The Wealth Builder program.
As part of the Wealth Builder Process, clients are taught how to assess the value potential of a real estate property and to avoid the potential for emotions to creep into the decision-making process. The real estate agent helps to identify the property, provide After Repair Value (ARV) market assessment and identify potential purchasers of the renovated property.
The clients are then taught how to tap into strategic funding mechanism’s based upon the value of the deal. In this specific deal, Eric D. Coleman Financial Group and BDA Properties leveraged a previously established line of credit and jointly pay the interest while the project is active. Once the project sells, the line of credit will be paid off and the profits will be split accordingly.
The Eric D. Coleman Financial Group doesn’t just teach the principles, but it is also willing to co-invest with its Wealth Builders in order to leverage its expertise and help to de-risk the project.