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Just signed the papers today....
Old 06-23-2006, 03:56 PM   #1
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Just signed the papers today....

On my most recent investment property. I think I went into detail here a few weeks back, but I finally signed today...exactly 60 days after I acquired another property.

Property 1 is rented witha 300/mo cashflow. It's being painted this weekend, and should have carpet/flooring done within a week.

This property needs roof repair, which will be done next week. I'm gutting the bathroom this weekend. I'm paying a plumber to re-plumb the bathroom and put it back together. I'm also paying him to do ceramic tile in the bathroom and laundry area.

Then I'm replacing countertops in kitchen, new hardware on cabinets, painting the whole place, putting in cheap pergo floors in kitchen/dinign room and painting.

Estimated completion is 45 days.

Purchase price incl. closing cost 25k
repairs 5k
holding cost 1 year 4k (expect 6 months)
"quick sale" price 50k
10% realtor fees 5k
PROFIT:11k

Looks a little thin, but I COULD sell for 60k if I wanted to wait 9 mos-1 yr to sell.....might be an option....


also could rent for 200/mo cashflow
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Re: Just signed the papers today....
Old 06-23-2006, 04:24 PM   #2
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Re: Just signed the papers today....

Don't know if this is "lower end" housing, but you might be able to save a couple of bucks by installing the el cheapo vinyl instead of pergo and ceramic tile. Not sure how much the upgrades will add to the value...

But awesome! Sounds like a good profit.
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Re: Just signed the papers today....
Old 06-24-2006, 11:44 AM   #3
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Re: Just signed the papers today....

Quote:
Originally Posted by justin
Don't know if this is "lower end" housing, but you might be able to save a couple of bucks by installing the el cheapo vinyl instead of pergo and ceramic tile. Not sure how much the upgrades will add to the value...

But awesome! Sounds like a good profit.
It's not really lower incoem...I mena, it IS, but it isn't.

this is in a small lakeside town with houses that used to be used as 'resort cottages'...well that was 80 years ago and many are run down. for lack of a better term, it's sort of "white trash meets lake resort".

The ceramic isn't too expensive for the area I'm doing...and the cheap pergo costs me $1/sf with my own labor (and it looks GOOD). What does vinyl cost? Cant be much cheaper..... I always used this cheap pergo because it looks like the stuff you find in the new mcmansions...and people love it



thanks for the input!
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Re: Just signed the papers today....
Old 06-24-2006, 03:43 PM   #4
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Re: Just signed the papers today....

Quote:
Originally Posted by thefed
... for lack of a better term, it's sort of "white trash meets lake resort".
I live not far from a similar community. Some of the lakeside "cottages" are almost 100 years old. A former co-worker's parents moved there after retiring. He said they are the only people in the neighborhood with all their teeth. (Ooops! )

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Re: Just signed the papers today....
Old 06-24-2006, 04:05 PM   #5
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Re: Just signed the papers today....

Hmmm

White trash meets lake resort - 1979 to 2005, ala POGO we were them. Then came Katrina.

Now the burbs. Got my 1961 style flatop haircut today - to be ready for my 45th high school reunion next month.

Happy Days(as in the movie) - it's da ja vue all over again.

heh heh heh
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Re: Just signed the papers today....
Old 06-24-2006, 05:40 PM   #6
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Re: Just signed the papers today....

You sure that isnt "vue ja de"? The feeling that this has never happened to you before and you never want it to happen again?
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Re: Just signed the papers today....
Old 06-24-2006, 05:53 PM   #7
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Re: Just signed the papers today....

Quote:
Originally Posted by unclemick2
Now the burbs. Got my 1961 style flatop haircut today - to be ready for my 45th high school reunion next month.
So now you look exactly like your yearbook portrait? We want before & after pictures!
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Re: Just signed the papers today....
Old 06-24-2006, 06:28 PM   #8
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Re: Just signed the papers today....

Nords

Alas - there is a lot less hair on top to make flat. Does grey count as a shade of dirty blond?

heh heh heh heh heh

P.S. The yearbook went with Katrina - Yeah!!!! No incrimanating evidence.
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