Purchased, Rehabbed, & Rented in 12 Days! Thanks again BiggerPockets!

[James Vermillion]

The BP community was critical as we moved from only rehabbing to sell, to purchasing and rehabbing our first rental property. When I came to BP several years ago I knew nothing about real estate, very little about business and had absolutely no experience. Since then, my business partner and I have flipped and sold 7 properties and have now purchased and rehabbed our first rental property, and BiggerPockets has been a key player all along the way.

We closed on a property on Thursday (17 Jan) afternoon and started demo that evening. Overall, this project was a much smaller rehab than we are used to but in a little over a week we completed the following:

- pressure washed the outside of the entire property
- repaired and replaced damaged sections of gutters
- replaced thermostat
- re-wired furnace
- painted exterior doors and shutters
- replaced carpet in the living areas (living room, dining room, kitchen) with
Allure vinyl plank flooring
- steam cleaned carpet in all three bedrooms
- replaced old vinyl floors in both bathrooms with ceramic tiles
- repaired several areas of the walls with large holes
- painted the entire house realist beige (thanks JScott)
- Resurfaced the kitchen cabinets and repainted
- purchased and installed all new appliances (dishwasher, stove, fridge,
microwave)
- replaced all switch plate and outlet covers
- cleaned the house front to back and top to bottom

During this time we had our lease agreement reviewed by our attorney and were getting other administrative and operating processes finalized to be able to rent the property. We put a sign in the yard Saturday (Jan 26th) evening and received dozens of calls and showed the property multiple times. Last night (day 12) we made a selection on tenants and will be signing the lease tonight.

We are excited to expand into the rental side of the business and will be making an offer on a potential second rental property this week. I will also be posting pictures of the property (before and after on our website and Facebook) sometime this week (when the smoke clears and I find the time). Again, I have to thank BP nation for all the amazing information and free advice. I have never paid for a mentorship program, a guru seminar and haven't even read too many REI books (I prefer biographies and other genres), so most of my knowledge came from BP, talking with investors in person and learning through experience.

[Michael Spencer]

James Vermillion Congrats!! Would you mind posting some details about the purchase and what you rent it out for? :)