Purchase Date: 7/21
The Deal
We found this house from a local investor with whom we had a previous relationship. The property was vacant and the investor agreed to sell us this property on terms. The price for the property was $59,000.00. We estimated that the property would need $15,000 to get it to the condition we wanted it to be in. The investor agreed to sell the property to us with the following terms: We agreed to take over payments for 1 year, with two renewable one-year terms, in the case we couldn’t get financing. The investor also agreed to lend us the $15,000 for fixing up the property for 6 months, at 10% interest.
We took over the property in the middle of May 2021 with the first payment due on July 1st 2o21. We ended up getting the entire rehab done by June 15th, and we had a tenant lined up to move in that same day. We are renting the unit for $1,000.00 per month, we got the rehab done for about $11,500.00 (we still have some work to do on the garage later), and we are refinancing the property out through a portfolio loan, while getting all of our out-of-pocket money back.
Before Video
Updates Done
- Fixed the concrete sidewalk
- New front porch with rail
- Patched holes in the porch walls
- Fixed porch ceiling
- Fixed porch floor support
- Painted front door
- Painted the entire interior of the house
- Refinished all hardwood floors
- Installed new vinyl plank floors
- New bathroom surround and glazed the tub
- New toilet and bathroom fan
- All new ceiling fans, new living room light switch
- All new outlets & covers, as well as light switches & covers
- Two new windows
- New stainless steel refrigerator
- New cabinets, all new countertops
- Replaced some plumbing & cabinet bottoms
- Painted basement
- Cleaned out the house & garage
- And much, much, more
After Video
After the video was taken, we were able to finish the kitchen, here is what it looks like…
