Patience is a virtue

[Tom Spaeth]

I spent the last year talking keeping in touch with an owner of a house. The mom had actually moved out right about the time i first talked to her. However she wasn't real motivated, though she knew she would be selling sometime in the future. Her real problem was that the house was filled with 50 years of stuff.

A year after we first talked she put me in touch with her son. They were finally ready to sell. The son did commercial construction so understood the house needed work but also knew the cost of that work. We negotiated a fair deal for both of us. I was very open. I sent them my estimated cost of repairs and what I felt the house was worth as it sat. Guess what, I didn't get everything I asked for. However I was still pleased.

Bought a nice size brick house for $170k right next to a light rail station in Denver metro. I will do a complete rehab for about $40k. We are replacing all the mechanical equipment, water line (had a hole in it dumping water under ground), complete new kitchen(Going in today), Remodel one bathroom and a complete reconfiguration of another. Also adding an egress window so that we will have a 4 bed house. Refinished all the floors and painted the interior. Total time will be about 4 weeks for construction.

House should appraise for $250 to $270. However due to the location I will be keeping this for a rental.