All Forum Posts by: Barbara Wilson-Scranton

Yes I do have interior pics.  But I could only post one picture with the post. I was probably doing something wrong.  

I just finished a SF rehab. It is my 4th. It is MY experience that if you buy the house at the right price and so on, you can get it rented and cashflow. I also get the impression from most everyone I have turn in applications, they prefer a home over an apartment. Personally, before kids, I didn't care as long as I could afford it. After having kids.....the last thing I was going to rent would have been an apartment. 

Yes, often times.... if they can afford the rent they can afford to buy. However..... not everyone wants that responsibility. They are happy with the responsibility to go to work, pay bills, and call someone else when there is something that needs fixed (not at their expense). For a lot of people renting just makes more sense. Your personally owned primary residence is after all a liability. And with that said.... the financial ability to pay rent does not always constitute the financial ability or sense to save for a down payment. Some personalities are made for buying while others are made to rent (and are happy to do so).
 

Good afternoon everyone. Does anyone else do an Open House? We are in a very rural area and the housing inventory is limited. There is new construction happening, however its not enough. I wanted this rehab done before we left for BPCon2022, unfortunately because life happens..... I was able to get it done at the end of November. We did our open house on the 11th. We had a really good turnout. A lot of the reason for that is that the house is round and many people were just very curious about what the inside of a round house looks like. We had snacks, wine, and before pictures scrolling on a TV in the living room. If you do have open houses, do you find to be a help in getting applications?  

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $55,000
Cash invested: $35,000

3 bed / 2 bath round house. Yes, that's correct.... I typed that right and your read that right.... round house. Built in 1952..... even the interior walls are curved. Except for the second floor walls that were added when the second floor was added in the 1980s-90s???.... So the second floor is a master bedroom in the shape of a hexagon. It has an insane amount of deferred maintenance. The past owner lived in the house for over 50 years and was a heavy smoker.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

This was also an off market/ private deal.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $55,000
Cash invested: $35,000

3 bed / 2 bath round house. Yes, that's correct.... I typed that right and your read that right.... round house. Built in 1952..... even the interior walls are curved. Except for the second floor walls that were added when the second floor was added in the 1980s-90s???.... So the second floor is a master bedroom in the shape of a hexagon. It has an insane amount of deferred maintenance. The past owner lived in the house for over 50 years and was a heavy smoker. As he got older and his wife was no longer in the home.... Well the cats made plenty of their own messes.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

This was also an off market/ private deal.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $70,000
Cash invested: $5,000

This turn key 2 bed 1 bath house with fenced back yard fell into our laps. It was remodeled several years ago and very well maintained. After we bought it, we decided that the green paint in one bed room and the bathroom needed to go. We also decided that the outside of the house need a face lift so we painted and retired the high maintenance wood fence for a chain link. Its location is perfect and we had it rented out one week after closing.

What made you interested in investing in this type of deal?

This deal fell in our laps. The owners bought it for their daughter. Her family grew and she moved. They tried to rent it out.... It didn't go so well for them. They know we are looking and interested in investment property.

How did you finance this deal?

This deal is financed with equity pulled from a different property that we already owned outright.

Lessons learned? Challenges?

I can probably write a book on this question.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

This was an off marker private deal.

Wilson-Scranton Rentals LLC, recently added to its portfolio. This is our 3rd rental. The best part of this deal, we didn't HAVE to do anything to it in order to get it rent ready. Of course we a did a few a things, and I am currently fighting with the wind to get the outside of the house painted. The housing here is so limited that before we closed on the house I had people asking to turn in applications (knowing that we had not yet closed). We closed on the 15th and our tents are signing a lease today to move in on the 1st! We are working on our next purchase. However, this purchase will be much more of a project to get it rent ready. We are so excited with the progress we are making, but also feeling overwhelmed from time to time. Along with the next purchase and the work that will go into the rehab, we are still trying to get our ADU from the 2nd rental moving forward.

I'm looking for advice on insurance. I think that I might be paying more than I should. However, I want the best insurance at a fair price. What company does everyone use? Are you happy with the service and coverage?

 Don't I know it. But it was a good time messing them. Pretty sure they had pretty high hopes of some money. I only wasted their time, and I know it will not even begin to stop them, or even make them think twice. But I had a good laugh before bed and then again over coffee this morning. It is just frustrating and I need to become more diligent about not becoming a target.

Thank you so much for the advice! I will defiantly add watermarks to any photos. I don't know why I didn't think about that. In talking to this person, they are trying to get at minimum a $70 application fee before they will give out the address. Well the address is not part of the post. So they can't give it at all. I made myself sound like a very desperate woman in a really bad situation and so they tried to get even more money out of me for a security deposit. I am doing my best to not be that easy target, but these people are very creative with every new scam they conjure.