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

7 comments:

  1. Investing-Early,

    Congrats on the purchase and thinking outside the box. I can see why you would replace the windows. Those windows seem to old.

    ReplyDelete
    Replies
    1. Thanks for stopping by investing pursuits. Yea the windows are single-pane, plus some were broken out, definitely worth the swap.

      Delete
  2. Nice job acquiring the 4th property. Good luck with the fix.

    ReplyDelete
    Replies
    1. Thanks for the comment, I'll be posting pics of before mad after so others can see how rough this property really was.

      Delete
  3. Congrats on the 4th property. I'd be interested to hear what sort of cash flows you get from this property and your cash on cash return. That's awesome that you won't have a mortgage. Good luck and keep up the good work.

    AAI

    ReplyDelete
  4. Just found your blog. Congrats on the investments this far. I can imagine a lot has happened since your last update. I am hoping to get into rentals also. I like the all-cash investment strategy you did, reminds me of Dave Ramsey's investment style. Cheers, J

    ReplyDelete
  5. This comment has been removed by the author.

    ReplyDelete