Our successfull first deal! 35k equity and 450 a month cash flow

[Thomas Weidner]

 We started this project on March 1 and just completed the house July 3. We did a total remodel on this one we replaced the roof and the central unit. We took out a wall to open things up, replaced fixtures, and flooring. We had sheetrock work done with texture and new paint. We knew the owner who had lived at the home for several years. Over the years very little maintenance had been done and was out of date and was ran down. The yard was overgrown, there was a leak in the roof that had made the sheetrock fall out

in the kitchen. It had old pealing wall paper and no flooring in some places and old green flooring in the living room. The bedrooms had carpet in them that had a profound pet odor. This house was the classic definition of a fixer upper. The owner had fallen behind on the property taxes and couldn't maintain the up keep of the every day things that a home owner had to keep up. We went above and beyond for a rental but we believe it is what got the rent that we wanted to get of $1150 a month. I don't believe we would have reached this with just paint and flooring.

What we learned

We had a time line of 90 days 

It took 120 days because we did most of the work our selfves. 

Check up on the subs before you pay them. 

The sheetrock guy made a total mess of the place he didn't cover anything and got mud all over and costed an additional 400 to clean his mess up. 

The small things add up.

We did go over our budget by a 2k +/-  the final numbers aren't in yet. But the trips to Lowes for 20 to 50 dollars add up. 

On the next one we will do things a little bit different.