Recent deal
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Late 2008 I purchased the worst house in a decent working class neighborhood. $6,400. The previous owner had sold the furnace and was heating the house with a wood burning pellet stove. When we started work there it was so filthy and overrun with trash that it took 2+ 40 yard dumpsters to just see the floors and walls. I went crazy, new windows, roof repair, gutters, siding, furnace, tore off front porch and rear deck(rebulit new). All the usual floors, walls, kitchen/bath remodels. I have my own in house work crew so we only subbed the roof/siding and hvac work out. It took us approximately 6 weeks and $39,000 of work. My total outlay was $45k. Appraisal came in at $68,500 and we closed the loan 2 weeks ago for $44,500. Took longer and cost more than we hoped. But it worked out. Rent $800/month. Tenant pays all utilities. Mortgage approx $350/mo, taxes $100/mo, insurance $45/mo. Our tenant is wonderful as well. I won’t get rich off of one deal like this but it has my investor juices… strategic internet marketing
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