Purchase Date: 7/2018
The Deal:
My partner on the deal found this property for $12,000, it was a project that the owner didn’t want to finish, it had some demo done, but was in need of being put back together. We agreed to split everything 50/50. I paid for the house on a balance transfer from my Discover credit card and my partner paid for the next $12,000 worth of supplies. Once we were there, we split everything 50/50 again, we ended up putting about $25,000 worth of rehab into the property. All told we learned so much on this deal, we both made about $7-8,000 a piece and ended up with a project that we were extremely proud of.
How Did We Fix The Property?
We made the entire thing shine inside and out. Outside we repaired gutters, power washed the house and capped the windows, and painted what needed to be painted. Inside we replaced the entire kitchen, and bathroom, refinished the floors, painted the entire inside, and staged the house for sale.
Update List:
- We painted the entire inside of the house + the front porch
- We refinished the hardwood floors
- We installed all new cabinets and counters in the kitchen
- We installed all new appliances
- We installed new doors, shelving, trim, etc
- We installed a new tub, toilet, vanity, mirror, etc in the bathroom
- We installed all new lights, fans, outlets, covers, switches, etc
- We power-washed the house and garage
