One of my better deals... Great Rental

[Olivier Mader]

In 2012, on the bottom of the housing crisis, I bought several properties. One of my best deals to date was a super cheap house in Davenport/FL, near Orlando and Disney.. It's a popular commuter area for Orlando. The house was in a rural area, just outside of city limits. Half acre lot, just over 1300 sq/ft living area. There was also a 440 sq/ft addition. Home needed a total overhaul but that's my specialty as I do 95 - 100% of my own work.. The only things that I don't do is Drywall Finishing and Stucco and anything that requires heavy machinery or a special license (A/C). I use existing layouts to avoid pulling permits. In my county, as long as you don't relocate plumbing or electrical, you don't need a lot of permits, even on a total rehab..

The house was $24k, the cheapest that I ever bought a house for. I recently had it appraised as I'm considering pulling out a loan on it, and it just appraised for $125k. My total investment is about $43k. The $19k for the rehab included a new 3 Ton AC system ($3500 installed). The kitchen was the cheapest kitchen that I ever did.. It ended up costing me just over $2k. Got the cabinets on sale at Home Depot (I usually use Kitchen Cabinet Kings but I couldn't pass on the 30% off on the cheapest Home Depot cabinets). Got the pre-fab granite slabs for $150 each at Floor&Decor, $300 total for the kitchen. Bought almost new used appliances for $600. This was going to be a rental, so I didn't want to spend $$$ on appliances as renters usually break and damage them. Bathrooms cost me about $1800 each, including the vanities.. $1000 or so on flooring (most of the tile I buy is well under $1 per sq/ft but despite the low price it's really nice tile. Roof was done in 2006, so it was in good shape. The addition was the most work but didn't cost me too much. I did hire a drywall contractor to finish the drywall (I hung it). Bought a used filtration system (House is on a shared well) for $300. That system was $5000 new and I got a great deal on it at $300 on Craigslist). Adding up all my expenses, I invested as I said earlier, $19k in rehab cost. House is currently rented for $1095 per month.. I'm actually closing on the house across from it in a couple of days..

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