Second Success - SFR 2 bd 1 ba - Illinois

10 Replies

Someday, I'll post about my first success.  It's a better story, but longer story too!  

Second Success!  The pertinents - Good Area of Town, Solid B area.  Bought a 2 Bd, 1 ba frame home with an unfinished basement for $25K cash.  People were afraid of the home because of "water damage" in the basement.  Looking at it, I knew there were two factors at play.  One, the yard grading and drainage systems had the water running right up to the foundation and two, the sump pump was clogged and allowed water that showed up to stay put.  The house had been remodeled and sold in 2007 and gone through foreclosure.

I spent $3K on removing some dead trees on the property, trying to fix future problems before they arose.  I spent another $4K on an additional off street parking area and grading the yard and adding some culverts, etc.  The remaining expenditures were paint $2K, carpet $1K and new appliances $1K.  All in, I was at 36K.  I did a cash out refi to get $31K out.

The house is rented for $800/mo.  The drainage issues are good for now, the only thing I can't seem to fix is the ground hog that I can't trap/kill/scare off! 

Ask any questions you may have!  

Nice find. Have you found with 2 beds you get higher turnover? My model is longer term leases as I hate turnovers.

@Taylor Massive 

 - I haven't experienced high turnover with the 2 bedrooms.  I try to get more established tenant families living there vs the younger growing families that eventually need more space.

@Dawn Anastasi  - Ask and you shall receive!  Remember, this was a good lucky find!  Not a major overhaul, thankfully! 

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Wow nice find. All the big $$$ stuff was already done.

Life is always about vision!  Awesome job!

Great find @Jake Hottenrott  ! I would do those deals all day long. 

Looks so much better with your paint colors. 

Cute place! Can you tell me what that paint color is? Looks very nice.

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