Saturday, July 15, 2017

Rental Property - Fixer Upper for cash 2

On March 16th we closed on this property!  The house had sat on the market for over 200 days so we were able to snag a deal here.  The exterior and interior of the property didn't require much to be livable.  One interesting thing that happened with this house, we were able to reduce our annual tax bill by 30% by contesting it with the local tax office.  This helped improve cashflow ofcourse!

Major work completed:
Tile in bathroom floors
New floors in utility room, kitchen, breakfast room and 2 bedrooms.
Paint throughout
New appliances
Minor plumbing repairs in bathroom.
Concrete crack repair on porch
Concrete walk outside
Guard rail for porch

Financial information:
Monthly cashflow: $535