Liz and I bought our new investment property almost 3 weeks ago now. While we aren’t necessarily working on it 24/7 (we are actually still trying to have a life at the same time – you know, before all the baby screaming begins), we are still making some pretty solid progress.
In the last update (after Week 1), we had basically tore up all the carpet in the living room, dining room, and bedroom, and then removed the laminate tiles in the kitchen and bathroom. It was the majority of the tear-down that needed to happen on the main floor.
The Rental House Rebuild – Weeks #2 and #3
In weeks #2 and #3, we focused on seven different areas of the house:
painting the bathroom the kitchen the basement grow room plumbing the furnace the deck
It sounds like a lot, but much of it felt more like project . . . → Read More: The Rental House Rebuild – Update #2
It’s a super exciting time for Liz and I. We closed on our rental property on Monday and have been tearing apart the rental ever since. Unfortunately, much of the beginning stages of the demo has left us a bit disappointed….
Day 1 – Tearing Out the Living Room Carpet and Kitchen Laminate Tile
The Living and Dining Room
On the day of the closing, I decided to start tearing into the living and dining room immediately. I knew there were hardwood floors underneath (because I tore up a small corner of the carpet when we first looked at it), but I didn’t know the full condition of the floors and I was excited to see them.
Well, I tore back the first corner and…wommp wommm….not what I was expecting. The entire floor wasn’t hardwood! It had a different, cheaper version of wood in the middle. I had seen this . . . → Read More: Tearing Apart Our Rental – Beginning Stages of DIY
Liz and I are incredibly close to buying our very first investment property (excited!!). It’s a foreclosed home and is in need of some repair, but with only $9,000 (or so) and a little elbow grease, we could have instant equity of about $20,000 in the home once it’s all fixed up! While it would be nice to put a quick $20k in our pockets, this actually isn’t the plan with this house. Ideally, we’d like to find a solid renter that’s willing (and able) to pay $1,000 a month for their stay. Since we’re paying for the property with cash, nearly all of the rent is pure profit.
The Original Plan(s)
Before Liz and I got pregnant like a couple of jackrabbits, the ORIGINAL plan was to:
buy an investment property fix it up rent it out save up buy another investment house have a baby
Then the original . . . → Read More: Another House Opportunity? Really? What Should We Do?
Have you ever thought about getting into the rental game? Personally, I’ve been enamored with the idea since I was 16 years old. And now, 14 years later, it looks like I’ll finally be throwing my hat into the passive income rental ring! YIPPEE! Watch out Monopoly man, you may be getting dethroned! Now where did I put my monocle…?
Leading Up to the Purchase
So how did Liz and I find our investment property? Let me tell you, it wasn’t easy. Prior to this property, we scoured the entire area (for the entire summer) for anything that was for sale under $95,000. We walked through about 10 properties – four of those we simply walked away (for various reasons), and the other six we were outbid on by typically more than $10,000. We wanted to find an absolute deal, not pay retail price for a home.
There was one . . . → Read More: Our House Offer Was Accepted! Let the Rental Games Begin!