Pictures of our first investment

[Kel S]

Whew!! A little less than 2 months as of yesterday, we closed on our first investment property. It's a 2 bed/1 bath home that is one story and appx 900 sq feet. Not including the basement and walk up attic.

This was a foreclosure that we picked up for 30k. It's located in one of the best school districts here and that was a big plus for me and the neighborhood is a very good area.

The house only needs minor things like interior painting and general cleaning. Structurally it's very sound according to what the inspector we hired said and our own observations. The most expensive thing we have to do is install a new hot water heater. The one there works but is showing a lot of rust at the bottom so we want to replace that. The other things it will need is fixing a section of the fence in the backyard, putting a railing up for the stairway to the basement and shampooing the berber carpets in the two bedrooms and hall. And just general labor as far as clean up. There is a little mold we have to tackle in the basement and asbestos around a couple of the furnace vents in the basement (scared the cr*p out of me when I first learned that) The inspector who has been working on homes and doing inspections for 40+ years said we can seal that asbestos and it won't be a problem. Rather than trying to remove it.

I spent most of today painting kilz on the walls after cleaning the walls yesterday. I'm already whipped and I haven't even started on putting the actual paint on yet :lol:

It's a small place, but quite cute and overall I'm thrilled that we made this investment. Time will tell of course but right now I'm happy and already the wheels in my brain are turning on the next one. But I'm going to take it slow so I'll (hopefully) make wise choices. This also was a great learning experience. The process in buying a foreclosure wasn't a piece of cake by no means and there were some uncomforable bumps in the road and the waiting I think was the worse part as patience isn't my strongest points. But I'm working on that (;

Here are some pictures.
http://www.picturetrail.com/sfx/album/view/20741389

It will look cleaner on the inside after we get the painting done
:mrgreen: :wink: