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Dawn Brenengen
  • Real Estate Broker
  • Raleigh, NC
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Light Rehab (WITH PICS!) - Rental Property Purchase Story

Dawn Brenengen
  • Real Estate Broker
  • Raleigh, NC
ModeratorPosted Mar 5 2016, 18:59

I helped a client, @Martin Yung, buy this home in Raleigh, NC back on November 19, 2015, managed a light rehab, and got it rented.  The tenant moved in on January 1st, and I wanted to document the process for my fellow BP members. 

Martin lives in Singapore, so he wasn't able to be here for any of this process.  He closed from across the globe and just deposited funds in my account for rehab as I needed them.  The rehab took a little longer than I hoped.  Apparently, people don't work that hard over Thanksgiving, so scheduling contractors was not as fast as it normally is.  However, a benefit of rehabbing over this time period, is we got a great deal on stainless steel appliances on Black Friday.  It took about four weeks to have it rent ready, with a total holding period of six weeks from the time it closed to the time the tenant moved in.

The numbers are:

Sales price - 95,000

Closing costs - 2,000

Rehab - 9,000

Rent - 995/month

One of my favorite things about this home is that it's close to the NC State Farmer's Market.  There is a large, 306 acre, property next to that that was just sold from the state to the City of Raleigh, so the future development potential in this area looks promising.

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