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Updated over 4 years ago,

User Stats

448
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306
Votes
Matt Nico
306
Votes |
448
Posts

Post #2 - Seller Finance Deal in COVID market (With rehab pics)

Matt Nico
Posted

Hello BP,

This is my 2nd post of a property I picked up with seller financing in the whole COVID Market. Long story short, the banks wouldn't lend to me, so I had to find a different kind of deal. And I found a seller who doesnt mind carrying the financing. To see how I structured the deal, see the first post I made. Just to clarify, I buy, rehab, and manage all of my own property.

Anyway, I'm trying to make this a weekly thing, where I will take everyone who wants to follow on a journey into the trenches of a real estate rehab. The main objective early in the week was to get supplies and load them into the house. Wood framing, all of my tools, and tile for bathrooms. Then it was demo time.

I decided to do the most difficult task first, which was to rip out a kitty-litter filled bathtub. The goal was to remove the tub, and demo the old white subway tiles. I exposed all of the walls for the shower. Then the hardest part came; I had to cut a hole though the 4" Concrete foundation slab to access the plumbing underneath. After a few hours of banging and cutting, I broke through. 

You can see in one of the pictures I have a hole in the floor, and in the next one its patched. That was after I put the new plumbing P-trap and riser in. After that, you can see from one picture to the next the plumbing on the right side, and far wall change. I ripped out the old plumbing, and I rebuilt it with my new shower assembly. The diverter valve is in, with the 2 out-going attachments being for a hand-held shower wand, and then above will be a rain shower (I cannot wait).

Well, I think that's all for the progress for this past week. This coming week we will finish up the bathroom, and I have some people coming to paint some of the bedrooms and then possibly the kitchen or the next bathroom will get started later on in the week.

I hope everyone enjoyed the post. Feel free to follow along with the pictures below, and if you have any questions, please ask. I'll be happy to answer anything.

Happy Housing,

-Matt