I’m back with another installment of “My Life in Real Estate”, this time checking in on one of my most recent rehab projects – 193 Heights Drive. This is part 2 of this case study. Part 1 I recorded 2 months ago and we showed you this house when we first started the project.
In this video, we’re just days away from listing this house for sale, so I’m going to walk you through the progress that we’ve made and show you what final touches need to be added.
As a reminder, we purchased this house for $43,000 and we put in another $27,000 in rehab costs for a total of $70,000. We’ll list the house for $144,900, and probably sell it for $125,000-$128,000 after negotiating the sales price with the buyer. That will leave us with a net profit of somewhere around $45,000-$48,000 after all expenses. We will give about $8,000 to our private lender and put $37,000 to $40,000 CASH in my pocket. Not bad in less than 4-6 months huh?
As with our other rehabs, we’ve put in new flooring throughout the house including carpet, kitchen tiles, laminent wood flooring. We put in all new doors and repaired the roof. We completely remodeled the kitchen with new flooring, new cabinets, new countertops (remember, the ceiling collapsed in this one!). We completely remodeled the bathroom with new vanity, shower, toilet and fixtures. In the basement we had to allocate some cost for mold remediation. It looks like there is a lot more to do than there really is (check out the video and you’ll see what I mean). This project should be wrapped up in about a week or so. Right now it’s the final touches, followed by a thorough cleaning and then we’ll stage it and get it on the market at $144,900!
I love finishing a rehab so I can sell it, cash out and get PAID! Then I’ll have another case study to show my investors and private lenders so I can raise more capital for my next project!
To learn more about how to rehab bank owned and government owned properties without having to swing a hammer or do the work yourself, visit www.srecrehab.com. Check out how my friend Carrie did it while she was pregnant. Then come back to this page, leave a comment and tell me what you think.
