thefed
Thinks s/he gets paid by the post
- Joined
- Oct 29, 2005
- Messages
- 2,203
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
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