So, if you count the time I have spent listening to podcasts and reading books and looking at properties and making offers and killing deals, I'm probably at about 4 years now.
I've had many near deals and many near misses and several strategy changes. Along the way I have learned a ton and know that I have way more to learn going forward. But.....I got one. A FSBO situation where the owner had tenants in place but was waaaay underpriced and the condition of the house was pretty bad. The day my wife and I went to see it it was raining and we ended up being the only people that showed up that day. Long story short, it was a 4/1 at just under 1800 sqft single story built in 1966. The bones of the house were good, but it had been seriously neglected and was a year or two from really taking a dive.
He wanted 69K, we offered 59K and got it under contract and eventually closed. Oh, and it also comes with an empty lot next door.
Since my entire strategy has been scalability I subbed out 99% of the work, I also acted as the general contractor and did all the hiring.
I was blessed to have a great team of contractors and we completed the rehab in 5 weeks. Apparently, that's fast because when I mention that the rehab began the week before thanksgiving and was done the week of Christmas people have told me that was impossible. And we're not talking about just new paint and flooring, I'm talking about new exterior paint, new interior paint, a new roof, new back deck, new windows, 48 recessed led lights, sheetrock repair, all new interior and exterior doors, a brand new kitchen a new bathroom and an additional bathroom, new plumbing, new water heater, an entire AC system, a rewire and new trim and facia and flooring, and now it's a 4/2
I drastically underestimated the cost of the rehab, went over by 35K. But, I never picked up a hammer or nail.
All I'm waiting on now are the blinds to come in, my wife and I will be installing those and doing the cleaning.
I have met with two property managers and they think I should be able to get between 1300-1400 a month, which should net me around 300-400 bucks a month after all the bills are paid. The only thing that holds this house back is the neighborhood, which admittedly is a bit dumpy, but the location is amazing. I used to live less than a block away and I miss the quick access to the interstate.
Gonna do a cashout refi by summer and hopefully grab another. What a journey!
