Real Estate Rental Property #2 Update (March 27, 2013)

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What they left behind…

Ok, she needs a lot of work, but home is where the heart is! As an update since last time, I’ve closed escrow and am now starting renovations on the new rental property. I’m allocating about $16,000 for repairs and labor. Basically, I’m going to gut the place and replace everything. The sellers didn’t exactly take great care of the property… and left a lot of work to be done. The windows are cracked, the stove doesn’t work, the bathrooms are filthy, etc. Even the piping is completely corroded and needs to be replaced (40+ year old iron pipes).

When all is said and done, she will be a beauty queen! I’m even going to slap on some granite on the kitchen counter. Hopefully I’ll be able to charge above market for rent ($2300/month). It’s amazing how much some folks are willing to overpay to have that granite… Enjoy the pics!

Home-2
At least the inherited floors are nice and new
Home-3
Total Teardown
Home-4
Sold As-is!
Home-5
Even I’m not that bad a slumlord…

 

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11 Comment authors
FI FighterSteven J FrommGreg@ClubThriftyKK @ Student Debt SurvivorMartin Recent comment authors
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JC @ Passive-Income-Pursuit
Guest

Sounds like you’ll have your work cut out for you. Maybe you can help with the teardown to help relieve some stress. Glad to have you back!

writing2reality
Guest

Welcome back dude! That hard work should pay off nicely. Rehabbed rentals are generally ripe with cash flowing opportunity!

Compounding Income
Guest

Sweet a free bath mat!

I bet renovating the property will be a rewarding experience. There is something to be said for working hard and taking pride in what you do.

Cheers!

Dividend Mantra
Guest

FI Fighter,

I’m with Compounding Income. That’s a really sweet free shower rug! 🙂

Great to see you posting again. Looking forward to seeing how the new property ends up, and I can’t wait to see you putting up big passive income numbers. You’re going to reach FI at a record pace!

Glad to see you feeling well and back at it!

Best wishes.

The First Million is the Hardest
Guest

I’ve gotta say, I rented places that looked a whole lot worse than that in my younger days! I’ll be interested to see what you can turn it in to, good luck!

Brick By Brick Investing | Marvin
Guest

I can’t wait until the day we can invest in a property like this and fix it up! Glad everything turned out well.

Martin
Guest

Looks nice! I like the floor, really. I saving some cash to change our floor too.

KK @ Student Debt Survivor
Guest

I’m not sure what it is about granite that makes people feel like it’s worth paying more for rent (or paying more for a house). Granite wasn’t even on our list of things we wanted when we bought our condo. Ironically, our kitchen and bath both have granite countertops.

Greg@ClubThrifty
Guest

Love me some rental properties! Congrats!

Steven J Fromm
Guest

Looks like a lot of work, especially that bathroom, but it may be worth it. Best of luck to you

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