I was recently in Indianapolis looking for a second rental house to buy. Thought I'd share some of my experience. The first picture shows whoever (probably a tenant) painted this home's kitchen got a little too lazy to move the fridge and thought the job was good enough, haha. The next two pictures shows why I say away from old homes that are two stories high. Walked into this home to find a water leak on the second floor made its way to the first floor, causing damage to the ceiling and newly installed flooring. Would be interesting to hear what other investors have run across recently.
@Doug Heim I'm presuming these are not from a turn key company?
Just a snippet from a video my agent sent me from a property in KC. As soon as i saw the hole in the door i mentally checked it off my list. Aside from this the bathtub was just brown filthy, don't understand why people live that way.
@Mike D'Arrigo Correct, these properties were on the MLS.
Both off these look like a good BRRRR opportunity.
@Steve Lehman Wow, currently I look for properties that take a week or two to get ready to rent. How long did it take you to rehab that one?
This project was back in 2015 and it was a duplex. From what I recall I believe this one took about 8 months. This side had a huge hole in the roof, one of the reasons we bought it. Most others passed on it because of little experience or it was to much to take on.
We love the quick projects to but most of our rental grades take about 6 to 8 weeks to do.
@Doug Heim Is that a faux wood vinyl on the left side of the fridge???
@Theresa Harris Haha, that is faux wood vinyl on the left of the fridge, and the front above the ice maker. First time I've seen that.
This could easily turn into a thread of unparalleled nastiness. I once bought a foreclosure that had a cat living in the walls. We got rid of the cat and a raccoon took up residence. Then we hired a guy to clean it out. The guy was an immigrant who spends six months working day labor in the USA and six months with his family in Europe. He's some kind of broke mystic ascetic meditation coach over there. We billed it as Yoga Master v. The Raccoon. Yoga Master did win out, and we sold the place for twice what we paid for it to some other schmuck who's been working steadily on it since then.