Discovered Bigger Pockets and a few other shows , and been lIstenIng to podcast episodes and audiobooks for a year while I did demo on walls, fixed termite damaged boards, fixed plumbing, resurface hardwood floors, etc etc etc etc (drywal) etc.

I will do the demo of current finishes myself and likely hire out much of the installation of the new finishes listed above. 

Purchase price: $60,500 Cash invested: $40,000 Sale price: $205,000 Hoarder house foreclosure. 150 contractor bags, and a couple rollaways of garbage later we could start the demo.

TenantTurner.com - essentially a better version of ShowMojo; however, it is not a Rentlinx.com replacement Use.Rently.com—I am awaiting a demo with them; however, I think they are going to be too expensive as they do not handle only Syndication without signing up for their PMS solution.

The main house is completed and as far as labor, I spent $40,000 on just labor and that includes everything from full gut demo to finishes.We are talking about a 4BD, 3BTH two story 2400 ft.² home with a bonus room.This was a full gut job, replaced…12 Windows (new construction)2 sliding doorsTook out all carpet throughout.Took out this ugly 2” thick tile from half of the downstairs portion.Removed popcorn throughout the entire houseTook one wall downA little framing workReplaced entry door 80” x 92”Drywall patchingSmooth drywall work50 recessed lightingAll electrical neededAll plumbing neededNew cement walkway instead of one walk to the front door I created two steps with two lights in each step.Install kitchen cabinets, excluding countertopInstall all three vanities3 bathtubs with one being a modern standalone tub in the masterAll tile work (bathroom wall & floor, kitchen backsplash)Installing of all hardware, faucets, showerheads, etcInstalled 8 single panel doors with hardwareAdding self-leveler after tearing out that thick tileNew LVP flooring throughout the entire house except bathrooms,all baseboards, trimsPainting the entire house, painting all the doors, painting the outside trim.Reframing the outside balconyReframing the fireplace to install new linear modern electrical fireplaceand they took care of the two trash bins.I mean, completely redone.The only thing that was not included in the $40,000 is landscaping, counter top cut and install and of course the ADU which I’m currently working on now.So my question for my fellow investors and contractors did I pay too much?

Mortgage companies, heirs, Bob's construction company that put a workman's lien on the property, Credit card company, etc etc... exception being local municipality liens ( grass cutting, demo etc.)

If you would like to book a demo to see Invelo in action, please reach out.

Should I decide to demo the property in 4 years and rebuild, can I do a cost segregation analysis and use it as a primary residence or will the 1031 disallow it?

I handle all contractors on defined work progress, i.e. demo complete, plumbing rough-in complete.  

I have a demo next week.