One man rehab.

[Rod F.]

Bought my latest rehab in march. It's about 40 miles away from where I live.  Called my broker to get a current market analysis. Trying to decide to rent or flip? Should be finished this Weekend. This has been a weekend warrior project. I'm glad it's almost done.

Just waiting on the numbers now.

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[Rod F.]

Don Harris . My original objective was a buy and hold Rental, This was done in my IRA.

(Cash purchase, cash rehab.  Total investment at this time close to 41K. ) That's probably where I will end up as a rental.

I'm running adds now for rent in the 725 to 775 range,  Not getting many responses, it's early yet.  This is a military base area. The rental comps in the area are in the 750 range.  

At 700 I should be in the 18 to 20%  annual return on investment.  5 year cash back. Assuming no major catastrophe happens. (everything has been fixed or upgraded during rehab).   That was the original plan.  

I just want to see what the market will bear on the house as far as a sales price.   and what the return percentage on the flip will be? There are plenty of available opportunities around. 

One thing that's a concern in our area about flips is that there Is a company here buying , rehabbing, and flipping for a small percentage in 30 to 60 days.  It's dropping the comps in our area. I realize there making money , but it's affecting the market.

I have about 6 month of weekends or approx. 56 actual days in this rehab.  invested about 12k in rehab work  and would like to see a nice return on investment. 

If I cash out I can buy another right away. If not about 2 years I will be able to cash another one. With the IRA investing . I only do cash deals. I'm just waiting on the numbers from the broker to see where I am at.

I will post more as I can figure how to take pics of bedrooms. I'm kind of happy how this one turned out. Wanted to show someone my work.   some of the bedrooms still have tools in them. I am still doing some touchup stuff.

Brian Holt, I always say I'm going to take before pics, just never really seem to get it done. I just jump into the rehabbing part of it.  I may have a few but not many.

Dale Shin ,  lets see,  replaced all windows, due to discoloration and damage,  the pic of the two windows the one on the right was a patio door,  the garage was 3/4 enclosed and used for dogs, ( found 9 portable kennels in the attic). and it smelled like it too.  I removed the garage door moved the wall to the front of the house added a window, (made the third bedroom) HVAC was already plumbed into the room, compressor was bad. replaced compressor. unit is 7 years old according to the HVAC specialist.  Plumbing was mostly ok, had a water line busted in yard, gas line all checked out. (licensed plumber approved and repaired the bad stuff). fixed gas fireplace.  Replace shower surround, repainted bathtub, and plumbing (professionally).  rebuilt about 3/4 of the privacy fence in the back yard.

New carpet and pad in bedrooms,  new paint top to bottom. French Mocha on walls , and white enamel on all doors, jambs, moldings, cabinets,  repaired any damage to walls, replaced doors that were either gone or damaged. all 6 panel now.    Ran squirrels out of attic, repaired siding where they chewed there way in while setting empty.  new light fixtures, and ceiling fans through out the house,  (master electrician in the family).  Honestly if it's broke, or damaged I fix it.  that's what I can remember off hand.

I keep walking through it seeing a little touch up here or there,  I have to keep reminding myself the renter will tear it up anyway. 

Of course the first question I get is do you allow pets.   Believe it or not a lady told me this week I have 4 dogs 3 German Rottweilers, and a Chihuahua.   there house trained.

Yeah right.  

Thanks everybody for the comments and encouragement.

This is the second one in my IRA investing.

We have others in different llc's