First SFH remodeled and rented out.

[Nathan Golding]

I did not plan on getting into rentals for at least another two years but a neighbor down the street passed away and his brother wanted the house sold ASAP.  Bought a 3 bedroom 1 bathroom house for 20,000 after talking him down from 28,000.  The house needed a lot of work but did 99% of it by myself with help from my fiance.  Had the usual problems of the project taking longer and costing more to fix it.  Went about two weeks longer in time and an extra 1.5 thousand in cost.  I don't have any inside before pictures but imagine the whole inside with orange carpet and puke green paneling and you would come pretty close.

The house had a new roof, furnace and breaker panel installed within the last 5 years so major repairs should be a long time off.  

Got a renter moving in this weekend.  I am collecting 675 a month (25 dollars of it is a monthly pet fee).   After taxes, insurance, monthly payment and setting aside 100 dollars a month for future repairs we will be making roughly 100 dollars profit.  The house will be paid off in 5 years at a 4% interest rate.  

I am happy this project is done.  I have not had a day off in the last 1.5 months but I do like having the additional income stream.  I think next time we will be going with a apartment builiding or atleast a triplex.  

Before

After