First Property under officially purchased!

[Micah Mcarthur]

I am feeling a bit excited, and a bit overwhelmed, as we just closed on our first property this week!    

We found a small 2bd/1 several weeks ago on the MLS, first day on market and we put under contract after looking at it that morning. It needs a good amount of work, mostly cosmetic stuff, but the price was right at $20K and we felt it would be a great learning project. Even if we screwed something up, we arent playing with big money.

It was a cat lady house, and has been closed up since last august, so the cat urine smell just punches you right in the face.  We ripped out the carpet yesterday, and the wood floors may or may not be salvagable.

I opened up the wall behind the bathroom yesterday to chase down a leak, and found some bad plumbing and some mold and rot.  I was able to fix most of the plumbing yesterday.  But have now torn out half of a rock lathe wall, will need to repair that, drywall is going to be tricky to patch in.   Need to get new windows, new water heater, flooring, all paint inside and outside.  I think the roof is good, but need to have another review.  

Next big challenge- finding local contractors.  While I can do almost all of the labor, (minus the licensed stuff) I dont have the time.

Purchase $20K

Rehab   $8K

ARV $45K

Rent $650+