Saturday, April 4, 2015

Rental Property - Fixer Upper For Cash 1

In the afternoon of Friday March 13th (oooo scary), I went into the title office and cut a check for my next rental property.  Thats right, no mortgage paperwork, no waiting for other parties.... Just a few quick signatures and the transaction was complete.  I was in and out of the office in 5 min, really waiting for paperwork to be copied.

This will be the 4th property into the portfolio.  This house needed a lot of TLC, so I was quick to get to working on it.  The carrying cost of this property is very minimal, due to it being a small structure in a small town.  This small carrying cost, with the absence of a mortgage payment, is the reason behind the good cashflow.  

Major work completed:
Repaired foundation of the house
Tiled 100% floors
Completely remodeled bathroom
Made some changes to the electrical work, including addition of lights/plugs
Painted exterior trim
Added shudders
Painted inside trim and walls
Replaced several windows
Brought in appliances
Replaced all countertops
Minor Yard Work

Financial Information:
Monthly Cashflow: $395