Turnkey Dad, Penis Dad

Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes

Turnkey Dad hates the smell of cat urine and makes no money on the buy. Penis Dad thinks cat urine smells like money and loves a well placed penis on a wall. I just bought this one LOL.

Purchase $80K, repairs needed $30K, ARV $170.

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Cody DeLong

Gorham, ME · Member since 2018 · 280 posts · 186 votes

Keep the penis, it adds value!

18 Reply

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Karl B.
Rental Property Investor · Erie, PA · Member since 2015 · 1k+ posts · 2k+ votes
7y
It looks like they left you some cool stuff too! Donate the clothes and furniture for a tax write-off. And tupperware tubs... score!

That's one of my favorite things about buying properties - when past tenants leave things (old antique furniture, tools, gas cans, sports cards).
10 Reply
Scott Mac
Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
7y
Hi Terrell,
It always amazes me when someone makes a decision to spray paint on the interior walls of where they live.
I could never imagine myself ever doing that, but it seems to happen often in some areas.
Scott...
3 Reply
James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
7y
Originally posted by @Terrell Garren:

Turnkey Dad hates the smell of cat urine and makes no money on the buy. Penis Dad thinks cat urine smells like money and loves a well placed penis on a wall. I just bought this one LOL.
Purchase $80K, repairs needed $30K, ARV $170.
lol awesome post.
3 Reply
Frank Wong
Real Estate Broker · Bay Area · Member since 2018 · 1k+ posts · 3k+ votes
7y
What a great buy. Spray paint on the walls is perfect. Easy and low cost to fix.
3 Reply
Cody DeLong
Gorham, ME · Member since 2018 · 280 posts · 186 votes
7y
Keep the penis, it adds value!
18 Reply
Dawn P.
Rental Property Investor · Sumter, SC · Member since 2015 · 334 posts · 531 votes
7y
My kind of house! lol Nice find.
1 Reply
Justin Craver
Real Estate Agent · Oak Ridge, NC · Member since 2017 · 76 posts · 39 votes
7y
Hesitated to click on this post...glad I did haha...awesome find!
9 Reply
Kelvin Tam
Real Estate Agent · Malaysia · Member since 2015 · 56 posts · 22 votes
7y
It's always the best to use BRRRR strategy.
1 Reply
Billy Smith
Shawnee Mission, KS · Member since 2016 · 716 posts · 313 votes
7y
I would be glad they did not kick holes in the walls then you are talking money to repair .That looks like one of the shows where they stage it to look bad for the viewers .
2 Reply
Eric Schultz
Investor · San Diego, CA · Member since 2016 · 265 posts · 305 votes
7y
Classic! Enjoy the proceeds.
0 Reply
Andy Bailey
Investor · Eugene, OR · Member since 2018 · 46 posts · 35 votes
7y
Love it!
0 Reply
Brian Ortins
Real Estate Agent · Beverly, MA · Member since 2013 · 353 posts · 93 votes
7y
@Terrell Garren great post title! Got me to click and read.
1 Reply
Frank Geiger
Rental Property Investor · NC · Member since 2018 · 776 posts · 776 votes
7y
Nice clickbait! What a great find!
1 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
this is what over time rentals will look like be prepared if you want to go that route..
Podcast Guest on Show #222
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2 Reply
Patrick Fraire
Flipper/Rehabber · Long Beach, CA · Member since 2017 · 155 posts · 118 votes
7y
@Cody DeLong
I agree but it might limit your renter pool. Takes the right type of person to appreciate modern art.
4 Reply
Victor S.
WorldWide · Member since 2016 · 1k+ posts · 1k+ votes
7y
nice penisbait! thought this was an autocorrect or something at first lol
what all are you doing for 30k? from pics it looks like mostly flooring and paint (to cover up these beautiful drawings)
1 Reply
Terrell Garren
OP
Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
7y
Originally posted by @Billy Smith:

I would be glad they did not kick holes in the walls then you are talking money to repair .That looks like one of the shows where they stage it to look bad for the viewers .
Oh, I've got some holes in the walls. Patching wall holes is usually a round error in my repair budget though.
0 Reply
Terrell Garren
OP
Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
7y
Originally posted by @Victor S.:

nice penisbait! thought this was an autocorrect or something at first lol
what all are you doing for 30k? from pics it looks like mostly flooring and paint (to cover up these beautiful drawings)
It was a back of the napkin estimate. HVAC $8K, painting & wall repairs (remove popcorn ceiling) $7K, remodel bathroom and repair subfloor $5K, floors $3K, appliances $2K, misc $5K.
0 Reply
Account Closed
Specialist · Paradise Valley, AZ · Member since 2018 · 3k+ posts · 2k+ votes
7y
Originally posted by @Terrell Garren:

Originally posted by @Victor S.:
nice penisbait! thought this was an autocorrect or something at first lol
what all are you doing for 30k? from pics it looks like mostly flooring and paint (to cover up these beautiful drawings)
It was a back of the napkin estimate. HVAC $8K, painting & wall repairs (remove popcorn ceiling) $7K, remodel bathroom and repair subfloor $5K, floors $3K, appliances $2K, misc $5K.
Was it a Foreclosure? Plenty of those looked like that back when I was doing pre-foreclosures.
0 Reply
Terrell Garren
OP
Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
7y
Originally posted by @Account Closed:

Originally posted by @Terrell Garren:
Originally posted by @Victor S.:

nice penisbait! thought this was an autocorrect or something at first lol
what all are you doing for 30k? from pics it looks like mostly flooring and paint (to cover up these beautiful drawings)
It was a back of the napkin estimate. HVAC $8K, painting & wall repairs (remove popcorn ceiling) $7K, remodel bathroom and repair subfloor $5K, floors $3K, appliances $2K, misc $5K.
Was it a Foreclosure? Plenty of those looked like that back when I was doing pre-foreclosures.
Yes. For the last few years, the only deals I can find are auction foreclosures. Interestingly, an HOA owned this one. My guess is the owners didn't pay dues and were not happy at eviction.
1 Reply
Michael Ealy
Developer · Cincinnati, OH · Member since 2018 · 1k+ posts · 3k+ votes
7y
Originally posted by @Terrell Garren:

Turnkey Dad hates the smell of cat urine and makes no money on the buy. Penis Dad thinks cat urine smells like money and loves a well placed penis on a wall. I just bought this one LOL.
Purchase $80K, repairs needed $30K, ARV $170.
I love it. My kind of deal but multiply that by 50 units.
2 Reply
Dennis M.
Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
7y
abstract art is a value add bonus . I wouldn’t change a thing just stick a -for rent -sign in the front yard . Some hipster millennial will fall in love with it
8 Reply
Account Closed
Lender · Pensacola, FL · Member since 2017 · 658 posts · 626 votes
7y
When you turn lemons into lemonade, try to make gourmet lemonade and charge more money for it. In the marketing textbooks, it's called "snob appeal."
2 Reply
Victor S.
WorldWide · Member since 2016 · 1k+ posts · 1k+ votes
7y
Originally posted by @Michael Ealy:

I love it. My kind of deal but multiply that by 50 units.
That's a sausage party...
3 Reply
Steve Vaughan
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
7y
Equity comes in all shapes and sizes. Nice post!
6 Reply

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