#24 rental was purchased today

[George P.]

this was a probate sale. it came on the market for 39.9k. not sure how long it was on the MLS for, but i offered 40k. was shocked to hear that they took my offer.

just closed on it a few hrs ago. i got $500 back because they didn't clean it at all.

budget - guessing around 17-20k, but we will spend whatever it takes to make it the nicest house on the block. ARV is around 100k, no garage though.

time? it will get completely cleaned/demoed and locked for a few months until we are done with #22 and #23, and maybe #25, which will be a flip. this one will sit on the back burner and simmer. but normally we can do this in 2 months or less. i try not to rush these things.

rent - projected around $1,

150 if i put a shed, since it has no garage.

not sure if you can see the rest of the pics if you follow the link - https://picasaweb.google.com/105275838861600742492...

[George P.]

Originally posted by @Tajh Tyler:

How do you know what it will sell for? I guess if you bought it for so low it doesnt really matter. But how do you know how much the renovations will cost before hand? Does it just comes with trial and error with this being your 24th property?

actually it does matter what it sells for since the higher the ARV, the more money in your pocket. But in my case, since this is a rental, the ARV does not matter (until I sell).

as far as knowing what things cost... it's kind of like groceries - you have no idea what a 5lb of gluten free flour costs until you start buying it regularly. rehabs are almost the same way, just not as consistent as grocery items.