Thread: Investment house/ rental

Just thought Id share with the community what Ive been up to the last 3 weeks.

Luckily in Oklahoma, we havent been hit *as* hard with the housing market issues like everywhere else. Our market has stayed pretty stable and homes are still selling. Some of the luxury stuff is still sitting but for the most part, its a pretty active market. Real Estate (and COL) is very inexpensive here.. Just to share with you a few things Ive been working on.

I bought this 1926 all brick home for $55k. It was full hardwood floors and REAL 2x4 walls (cant even drive a nail into some of them, they are SO hard!). Cant remember the lot size but its big enough that I mow it with a riding mower in about 30 min.

When I bought the house, the grass was knee deep and the landscaping had covered most of the windows and vines were up to the shingles around the entire house. All the electrical lines had been yanked off from the ice storm 2 years ago and I think some hippies had been living in it because there was fastfood leftovers, a bunch of propane disposable tanks and TRASH everywhere. Not to mention 5 gallon bucket full of dog crap throughout the house. Like they had been using it for a doghouse or something.

I pulled what carpet was left out of it, sealed the floors with a two part epoxy paint (to keep any smells from leaching out of the ruined hardwoods), new paint, trim, landscaping, fixtures, sinks and redid the old fireplace. I pulled the original 1904 cast ironstove, sanded it and painted it with castiron stove paint. I covered the pink brick with slate (first tile job ever)..
I did all the work myself. I borrowed a brush hog and knocked down all the tall grass, raked it, then mowed it. Trimmed all the trees. Still need to do mulch/plants. The eves are being redone in vinyl siding so that still will be added to the price too. Carpet, paint and blinds pictures will be up later today..

Had the house appraised this morning. Heres the numbers.

$55k purchase
$3k remodel (no labor, mostly just lowes/walmart stuff added)
$94k Appraisal.

House next door sold for $91k two months ago. Houses across the street sold for the same price. Most expensive home sold in the neighborhood went for $130k.

Not bad for 3 weeks of evening work and weekends..

Whatta ya think? Good buy?

absolutely. Great work. Keep us posted on the final sale price.

I know most people say not to do dark colors in small rooms, but being as how this room had 8 windows on two walls, it made sense.. Matte finish steel blue..

Nothing done to the kitchen except faucet, garbage disposal and paint.. Trying not to outprice myself in the neighborhood

omg i wish here in cali it was the same great purchase! nice house to i wanna see it finished

That's a sweet deal! Looks like things have come along great.

Good job, its nice to see someone being able to do this (buy, remodel and flip) in this economy. All I hear these days about investment properites is forecloures since people are pretty much upside down on them.

Im taking advantage of an opportunity to buy some of the smaller run-down homes in the area because I found out that one of the food plants locally was just bought out by a much larger company and they plan on MOVING about 60 of their employees to this town and hiring another 100 locally. And theres not much around thats ready to move into just yet.. Oklahoma is nothing like Cali or Florida, thank God.

PUlled some furniture out of storage and selling the house fully furnished as an option (plus saves on storage fees). Hopefully one of the people from the new factory will buy it based on the fact that all you gotta bring is your bathroom stuff and some food, then youll be ready to go back to work!

Not bad at all for 58k!! Good job bro. Good luck with the sale!