Under contract for 3rd SFR

[Richard Schubert]

Under contract for my 3rd SFR in Akron, Ohio. A vacant house across the street from one I just purchased was also for sale at 51k. It sat for a bit and the price was lowered to 46k so I toured the house and made an offer of 36k after adding up renovation cost in my head. Owner sat on the offer for a week or so and then I got a call that they accepted.

Just waiting to close now and then I’ll get started on a renovation. It’s a 3/1 of about 1000 sq ft. Typical inner city early 1900’s Akron house. Needs gutters, full kitchen and bath, floors, paint with some drywall repair, windows, front porch and the deck on the rear is pretty poor as well. I’m budgeting 45 to 50k on the renovation as it may need a few incidentals here and there. 

I may look to sell after it’s done or place a tenant, refinance, and hold as part of a portfolio I want to build. 

The house next door to this one is for sale also, so going to see how fast I can save up to buy it also. It’s a short dead end road so I have this notion to own the whole street and control the look and quality of the neighborhood . 

I will post some progress as I get into the renovation after I close and share more numbers of my cost.

[Alfath Ahmed]

Quote from @Richard Schubert:

Under contract for my 3rd SFR in Akron, Ohio. A vacant house across the street from one I just purchased was also for sale at 51k. It sat for a bit and the price was lowered to 46k so I toured the house and made an offer of 36k after adding up renovation cost in my head. Owner sat on the offer for a week or so and then I got a call that they accepted.

Just waiting to close now and then I’ll get started on a renovation. It’s a 3/1 of about 1000 sq ft. Typical inner city early 1900’s Akron house. Needs gutters, full kitchen and bath, floors, paint with some drywall repair, windows, front porch and the deck on the rear is pretty poor as well. I’m budgeting 45 to 50k on the renovation as it may need a few incidentals here and there. 

I may look to sell after it’s done or place a tenant, refinance, and hold as part of a portfolio I want to build. 

The house next door to this one is for sale also, so going to see how fast I can save up to buy it also. It’s a short dead end road so I have this notion to own the whole street and control the look and quality of the neighborhood . 

I will post some progress as I get into the renovation after I close and share more numbers of my cost.

 How is the market in Akron? I have heard mixed reviews about the market. I own almost all of my properties here in Columbus and have a few in dayton.