A quick rehab (#2)

A quick rehab (#2)

bg4

Features

  • Single-Family house
  • 1200+ Square footage
  • 3 bedrooms
  • 1 bathrooms
  • 2 Car detached garage
  • FSBO purchase

Financials

  • $23,500 purchase price
  • $<10,000 rehab cost
  • $378 monthly NOI
  • 13.5% ROI
  • $50,000ARV (~$15,500 in net equity after rehab)

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Investment diary

This was the second property we purchased September 2013. Rehab on it was pretty quick overall, although we had to push off work on property #1 to get this one done first as we knew #1 would take significantly longer to do. Total rehab time of about 2 months with the tenant being installed the first day of December. Prior to tenanting we had a break-in where someone stole about $50 worth of copper piping. Unfortunately that $50 in copper pipes resulted in about $500 in damage to the property. Certainly not fun but thankfully the home was not flooded and a neighbor informed us of the broken back door window first thing the next day.

 

 

Property photos

Our first property (#1)

Our first property (#1)

bg1

Features

  • Single-Family house
  • 2000+ Square footage
  • 5 bedrooms
  • 2 bathrooms
  • 1 Car detached garage
  • Basement

Financials

  • $26,500 purchase price
  • $36,000 rehab cost
  • $625 monthly NOI
  • 12% ROI
  • $100,000-$115,000 ARV (~$52,500 in net equity after rehab)

Investment diary

This was the very first property we purchased. Overall it’s been a good investment with great equity gains due to the scope of work. Initially we had only estimated a $20,000 rehab cost for the property. It quickly became obvious that to truly get to a good condition would need to be sided (It had original asbestos shingles) and old wood-pane windows. This was a good example of why you need to have extra cash onhand to fix things ‘Just in case’. Property was purchased in July 2013, rehab was completed around Feb 2014 with a tenant in the house the following month.

Pre-Rehab photos

Post-rehab photos