Picked Up Another One
Aquired another house
Payed 15,000.00
3,000.00 to 5,000.00 rehab
rent for 375.00 to 400.00 mth.
Thanks for all the motivation folks. The good deals always come along if you look for them.
When finished will refi to pull eqity out for the next deal.
Ed
[ Edited by ELOCK on Date 04/04/2004 ]
congrats ed.
ELOCK, could you post some details about the house? It's interesting to hear about properties in other areas of the country, as things are so out of control here. In the area we like to invest in, anything (even in a slummy neighborhood) under $100K is few and far between and you have to fight the masses the get it. An acre of buildable land in this area is about $50k.
I'm just wondering what you can actually purchase for $15k in other areas of the country. What did you have to do for rehab??
Ed,If you put the house in the HUD section 8 program you can probably raise the rent to $450.00-$500.00 a month. Just a suggestion.
I bought the house from another invester who was having problems of his own. Its a small 2 bed 2 story on 1 acre of ground in a very rural area of Sligo, Pa.
Rehab consists of pumping a foot of water out of basement from leaking well
relineing water well , finish front porch Install new furnace and minor interior finsh work. Clean up the yard and by the way closing isnt even done and renters are already lined up for the place.
MichaelChandler
thats a little high for hud in this area for two bedroom hud. My apartments top out at about 350.00 although they were supposed to raise it.
Thanks
Ed