I guess you could call me a "full timer" if you like. My partner and I purchased our first rehab back at the end of April. Now, 4 months later, it is almost ready to be put on the market.
We paid $85K for it and when we purchsed it, it appraised at $132. We've priced it at $173, but comps in the area support a price of up to $190.
When you deduct what we owe on the mortgage (it's 100% financed) and what we've put into it (small number, because we didn't have to pay for labor) we'll walk away from this deal (our first, remember) having netted nearly $70K.
Not bad for 4 months work, huh?
By the way, we didn't have to pay for labor because I have been in residential remodeling for 10 years (know my stuff...lol) and do most everything myself (plumbing, electrical, HVAC, carpentry, etc)
Yeah Rjasky that sounds like a good deal. That gives me alot of encouragement. I'm trying to get in the biz to quit my job. I hate the thought of me working so hard to make someone else alot of money. I know I'll probably work twice as hard rehabbing but I think it will be worth it in the end. Good luck on your next deal.
oh didn't think is was that personal. I understand I only make 45,000 year I'm ashamed too. LOL!!!!!!!!!!!
I guess you could call me a "full timer" if you like. My partner and I purchased our first rehab back at the end of April. Now, 4 months later, it is almost ready to be put on the market.
We paid $85K for it and when we purchsed it, it appraised at $132. We've priced it at $173, but comps in the area support a price of up to $190.
When you deduct what we owe on the mortgage (it's 100% financed) and what we've put into it (small number, because we didn't have to pay for labor) we'll walk away from this deal (our first, remember) having netted nearly $70K.
Not bad for 4 months work, huh?
By the way, we didn't have to pay for labor because I have been in residential remodeling for 10 years (know my stuff...lol) and do most everything myself (plumbing, electrical, HVAC, carpentry, etc)
I am full time.
I personally make very little, but my companies do very well.
Quote:
On 2004-10-04 01:07, bnorton wrote:
I personally make very little, but my companies do very well.
It is a shame the way "your" company treats you.
Well let me throw in to this full time stuff.
I make vary little but the trust, Corp's, llc's do vary well. :-D
Own nothing but control everything.
[addsig]
Quote:
It is a shame the way "your" company treats you.
Yes, mine is a hard life, not to mention unfair, but someone has to live it. :-D
Yeah Rjasky that sounds like a good deal. That gives me alot of encouragement. I'm trying to get in the biz to quit my job. I hate the thought of me working so hard to make someone else alot of money. I know I'll probably work twice as hard rehabbing but I think it will be worth it in the end. Good luck on your next deal.