Property Investment Information |
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Below is some information on buy-and-hold properties I have purchased and rehabbed. I manage my own rehab work, as well as do my own property management which includes showing the units, screening tenants, and handling tenant requests. Check out before and after pictures of my very first remodel in an almost-gutted house! |
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Subject 1
Purchased February 29, 2012 (cash) Rented beginning March 15, 2012 Purchase Price: $24,900 Closing costs: $215.00 Type: US Bank foreclosure 2 bedrooms, 1 bathroom, 1050 sq ft 2 car garage |
Rehab done: - Shore up foundation with steel beams - Replace stolen copper in basement - Some plumbing fixes - Replace subfloor in bathroom - Add new vinyl flooring in bath - New sink in bathroom - New faucet in bathroom - New paint throughout house - Repair hole in dining room wall - Replace back door - New garage roof - 2 new garage doors - New service door on garage - Entire house and garage exterior painted - Painted shed - Several trees cut down Total rehab cost: $12,695.49 See before and after pictures Total 'all in cost': $37,810.49 Monthly rent: $800 '2% rule' figure: 2.12% |
Subject 2
Purchased November 27, 2012 (cash) Already tenant occupied Purchase Price: $23,000 Closing costs: $90.00 Type: Motivated Seller 3 bedrooms, 1 bathroom, 1174 sq ft 2 car garage |
Rehab done: - Replaced water heater - Replaced bathroom faucet - Fixed leaky shower faucet - Fixed running toilet - Replace waste trip in bathtub - Add railing to front steps - Tuckpoint chimney Total rehab cost: $1,653.26 Total 'all in cost': $24,743.26 Monthly rent: $875 '2% rule' figure: 3.54% |
Subject 3
Purchased December 19, 2012 (cash) Rented beginning March 1, 2013 Purchase Price: $24,000 Closing Costs: $215.00 Type: Short sale 4 bedrooms, 2 baths, 1424 sq ft No garage |
Rehab done: - Cleaned out entire basement - Upgrade electrical service to 100 amp - Fix plumbing in basement - Fix small gas leaks in basement - Cleaned out clogged basement drain - Painted entire house (walls/ceilings) - Replaced all outlets and switches - Replaced all light fixtures but one - Refinished hardwood floors - Added carpeting to master bedroom - New ceramic tile in both baths - Added new shower/faucet in main bath - New glass block window in main bath - New tile tub surround in main bath - New vanity/faucet in both baths - New toilet in upper bath - New tear off roof - New water heater Total rehab cost: $15,000 (approx) See before and after pictures Total 'all in cost': $39,000 (approx) Monthly rent: $1100 '2% rule' figure: 2.82% |
Subject 4
Purchased May 30, 2013 (cash w/ a partner) Rented August 2013 Purchase Price: $21,000 Closing costs: $30.00 Type: Short sale 2 bedrooms, 1.5 baths, 672 sq ft 2.5 car garage |
Rehab done: - Painted all rooms - Painted front/back doors - Replaced kitchen floor - Replaced kitchen backsplash - Removed old range hood - Removed fake bricks on wall - Re-carpeted 2 rooms and hall - Replaced 4 doorknobs - Added smoke detectors - Replaced all outlets/switches - New towel bar in bath - New light fixture in bath - Installed curtain rods Total rehab cost: $1,278.51 See before and after pictures Total 'all in cost': $22,308.51 Monthly rent: $750 '2% rule' figure: 3.36% |
Subject 5
Closed July 11, 2013 (cash w/ a partner) Rental dates 10/1/13 and 11/1/13 Purchase Price: $31,100 Closing costs: $720.00 Type: Fannie Mae Foreclosure Duplex, 2/1, 783 sq ft each No garage |
Rehab in process: - Complete siding tear-off and replace - Complete roof tear-off and replace - Chimney tuckpointing - New water heater for upper unit - Furnce work - New steel exterior doors (2) - Paint interior - New countertops in both units - New kitchen sinks/faucets in both units - New bathroom in one unit - New carpet in both units - Plumbing repairs - New interior doors - New mini-blinds - New vertical blinds - Appliances for lower unit Total rehab cost: $28,000 (estimated) See before and after pictures Total 'all in cost': $60,000 (estimated) Monthly rent: $1250 '2% rule' figure: 2.08% |
Subject 6
Closed September 6, 2013 (cash) Rented out for November 1, 2013 Purchase Price: $23,000 Closing costs: $300.00 Type: Foreclosure from WHEDA Single-family 2 bedrooms, 1 bathroom 2.5 car garage |
Rehab completed: - Removed wallpaper from living room, patched walls and painted - Painted hallway, kitchen, and second bedroom - Removed old kitchen floor and replaced with ceramic tile - New siding on garage - New garage door and remotes for opener - Painted trim on garage - New downspout extenders on house - New glass block windows for basement - New sump pump Total rehab cost: $5,000 (estimated) Total 'all in cost': $28,300 (estimated) Monthly rent: $825 '2% rule' figure: 2.92% |