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MikeOH - Thanks for the information on rehabbing. We are about to start on the second property and I'll be using your suggestions for sure.

re: the stone tile we put in the kitchen of the first house...it was actually on special at lowes for .68 sq. ft and for a 10x12 kitchen we needed only 120 sq ft - plus one day to put it all in so $150 for labor plus other materials ($85) for a total of just over $300

Vinyl 12x12 tile would have been about .50 sq ft plus labor and would have run a little over $200 total. and I think vinyl tile scars more quickly than the ceramic (stone) tile.

The appliances I put in were floor models from Lowes and I go the fridge for $328 and the stove for $259 - I should have gotten used appliances and I'll probably use that option next time. But glad I put new ones in for this rentals since she seems like a good renter and signed a 1-year lease.

BTW, the renter also had a great employment history (6 years as a groundskeeper at YSU) as well as her rental history.

Overall, I think I made a great first deal - had some nice suprises with the property having new siding, trim, roof and raingutters. And a couple bad ones when just before closing someone had went in a stole the eletrical panel and most of the copper wiring from the basement. But, by having a contractor that is versed in many areas helped alot because he rewired the entire house for less than $1000 and it was up to code. The bathroom was comletely gutted down to the joists because of the subfloor showing signs of rot - I thought this was going to cost alot more than what it actually did and my renters got a great bathroom with all new fixtures.

We'll see how the second property goes now....

Well, I got a renter set to move in on March 15. Single working mom with 2 kids, and the property manager, who is also a police officer in the area, knows her from one of his other clients - she had a great rental history 6+years in the 2bd, 1ba home she is moving out of for a place a little larger. She was very excited about all the updates in the house and I'm pretty confident she'll take care of it.

I guess I got lucky??

I'm looking for a reliable carpet supplier/installer in the Youngstown, OH area - any leads here?

HaHa - yeah, a good guess for sure - just shows you've done some homework ...but I was suprised you did not mention Pittsburgh, PA or Muncie, IN

Wish I could find deals like there are in these areas closer to San Diego :roll: :roll:

The houses are in Ohio. Decent neighborhood.

The property manager I'm working with is also a police officer there, so I think I'm getting a great 2 for 1 deal on that - Property Management and a Security Patrol - what more could you ask for.

UPDATE

The work is almost done on the house. We did some things that most would not consider for a rental. For instance - in the kitchen we were just going to repaint the cabinets, put new hardware and new faucet. Which would have been fine, but we actually wound up installing new cabinets, the prebuilt ones that Lowe's stocks, and put on a new lamintate countertop, sink and faucet. Also put in new appliances. We used a 12x12 stone tile on the floor instead of vinyl. In the bathroom we actually did the tub/shower surround in tile instead of buying on the the ready-made tub walls. And used a nice ceramic tile on the floor and lower part of the walls. All new fixtures in the bathroom. New carpet in the bedrooms, hallway, living and dining room.

The property manager did a walkthrough yesterday and said the house should rent fast because of all the improvements.

NOW THE BEST PART:

We made an offer on another property that is right around the corner. It has a brand new roof, new siding, trim and rain gutters - but needs a new kitchen, bathroom and flooring.

The paint is actually peeling away from the plaster on the walls and ceilings, but the plaster itself is still in good shape.

They wanted $9,900 for the house, we offered $6500 and they accepted this morning.

As far as the contractor goes - I think I got really lucky and found a truly honest one. When he went to the property he took a video camera and a digital camera - he pointed out everything that needed work and explained it on video - for instance the bathroom floor was showing some signs of wood rot. He pulled back a piece of the vinyl tile and lightly pushing down showed how the wood just broke apart. He also recommended repairs on some of the things I was simply just going to replace completely. He runs every expense by me and gives me the good, better and best options and he documents it all and emails pics and video clips as he's working on things - Plus, his labor rate is extremely good - a flat day rate.

I know some people may be asking why his rate is so good - well, at least I know I was wondering. Without me even asking he explained to me that his main business of building decks is extremely slow in the winder months so he works with a property manger then to keep food on the table. We work around his schedule for the most part and that's fine with me.

The home had a couple of windows that I was going to completely replace and did not really like the way the replacement windows I was looking at looked so modern - my contractor completely rebuilt the old window, put in new glass panes, stained and sealed it and keep the original look - at the price was exactlly the same as a low-end vinyl window.

Very, very happy with him!!!

well, I purchased the house and actually got it for $7k. I had a local handyman visit the property and took photos and estimated all the repairs that are needed and he came in with a total of $6200 for interior and exterior painting, clean-up, refacing kitchen cabinets, and updating the bathroom.

He is going to be starting work within the next 2 weeks. He also knew a local property manager that charges 10% and estimated the home should rent for $550 with no problem at all.

so here's the breakdown of the actual deal:

7k - purchase
1k - closing
6k - repairs

14k - total invested

$6600 - annual gross rental income
$600 - management fees
$1000 - any unforseen repairs
$600 - property taxes

$4400 - estimated net income

I amn in San Diego, CA

and Thank You

Question:

There is a house in my neighborhood that I drive by all the time, never seen anyone there, the house looks very weathered, a couple of broken windows, overgrown from and back yards and just not taken care of.

How do I go about finding who owns the house? The home looks like a total diamond in the rough and if I find out the info, what should be my next step?