Proof there is profit in low income areas! ~ Petersburg, VA ~

[Linda S.]

Alright BP, here's my first success story!     

It's a 3 bed 2 bath, 1500 sq ft house in Petersburg, VA. When we bought it, it had structure issues, mold, no HVAC, leaky roof(cough, cough-- 4 layers of shingles), stolen copper pipes, closed off floor plan pretty much all the bad cards were thrown our way... but $39K and 5-months later, it's the prettiest house in the neighborhood!

We only do buy/hold and it's currently rented for $900/mo.    When we bought it, my realtor told me I was "overly optimistic" for thinking I could rent it for  $850-$1,000/mo---  so don't let other drag you down when they doubt your vision.    It's proof that if you work really hard, and see what others can't, there's a money to be made!  

Purchase price: -    $20K

Renovation Cost -  $39K

Total Cost           -  $59K

Appraisal Value:  -  $90K

Equity-                -  $31K

[Bob B.]

@Jeff B.

The vest and a 357 don't cost that much and you could probably expense both of them.