Closed on #2!

[Mary lou L.]

I finally got the closing documents, and deed is recorded!

I found this property on Craigslist, 3bd 2 ba 1500 sqft owner financed. Terms are 46000 at 9.5 at 20 years. ARV is 80000. I plan to hold as a rental. Rents are from 700-900.

This property is in Iowa Park, Texas.

This property was attractive because of the cost to get into it , 1000 down, 400 closing cost. I already have a property in the same town.

Roof is good, all brick siding, newer AC. Plumbing is good.

Property was full of stuff as well, but clean out was done before seller listed it. Thank goodness!

Now the fun starts with the rehab. I have budgeted 15000-20000.  

Plans are:

Replace flooring with tile throughout.

Rehab bathrooms replace vanities and massive cleaning where needed we will try to salvage tile on icky shower.

Repair drywall and paint all rooms replace doors. install new ceiling fans.

Replace/repair cabinets in kitchen, new countertops, sink, faucet, backsplash.

Here are the before pics!

Yeahhh its pretty bad

The houses are out there!!!

[Mary lou L.]

@Tim JohnsonI have a contractor who I am working closely with. He is great about keeping costs down!

The plan is to refinance in 6 months, I would hope at least to cover some repairs, and have some leftover to get another one!