My latest project

[Nat C.]

This property was a foreclosure (obviously) advertised on the MLS for 122K. There was no address but the zip code said 33133, which is a very expensive area.

The listing had no pictures and said it was a 1/1.
I called the listing agent immediately and said I was submitting a cash offer with zero day due diligence period and was ready to close immediately.
The first question she asked me was if I was a realtor, to which I said no.
I could hear the dollar sounds ticking over in her had as she calculated her commission going from 3% to 6%.
I heard nothing for 2 weeks and then received a hold harmless form which I had to get notarized.
I asked if that meant I got the property but I didn't get an answer.
There were two outstanding violations for a roof repair and exterior painting required. I calculated about 10K to address both issues.
When I went to view the property I was shocked to find that it was not a 1/1 but actually a duplex with 2 bedrooms and 1 bathroom on each side.
I don't recall ever being told my offer was accepted however the listing agent called me to tell me the closing date and details to wire the funds to.
The next call I got was to tell me the closing date was extended as the bank was going to repaint the property and repair the roof.
I was pleasantly shocked.
I finally got the rights to the property- no keys given as the exterior doors weren't even there!
It's been a hard slog renovating.
I bought most of the materials off craigslist and offerup or materials on clearance sale at the big name stores.

Brand new bathtubs- free
Found them in another building I own

Brand new modern vanities- $65
Marked down from $400 at Home Depot

Kitchens with granite bench tops- $1000 each
Purchased from Craigslist

Shower screens, toilets, faucets, front doors, new windows and various other bits and pieces were bought for $20-$40 on Craigslist and offerup.

The total rehab cost for installing central AC, 2 new bathrooms and 2 new kitchens, washer and dryer and updating plumbing and electrical is around 18K for materials and labor.
Each side is rented for $1400 per month, total $2800. Tenants pay electric and water and I pay for yard maintenance.
I had a realtor evaluate the property and they said the current value is 310K.
I do not think this huge ARV is based on my my incredible renovating skills, rather I think I just got very, very lucky in nabbing a bargain.

Below are some before and after pictures (I do not know why they are turned on the

s

ide, sorry).