Done with the rehab from hell

[Scott W.]

Took 8 weeks; purchase price $55k; rehab $29k; closing/holding costs $3k. Total $87k.

Rent $1335.

taxes/insurance $275; loan repayment $375 (private loan at 6% interest only); loan was for $75k.

20% for maintenace, vacancy, etc = $267/month

Out of pocket $12k.

$5016 per year/$12k = 41.80% cash on-cash return.

When I got done, I found out most investors won't even go in this village. Just too hard to deal with. I had no idea!