Learning patience and persistence, first deal.
I’m a 28 year old foundry worker in Iowa with a big interest in real estate, becoming a landlord to be more specific. Last summer, I took my first real step to financial freedom and purchased my first home as a birthday present. It was a foreclosure valued at $180k but listed at $135k. It’s a 3 bd 1 ba home with just under 1700 sq ft. with a full unfinished basement. The house sits on a .51 acre lot with a very generous back yard.
I ended up purchasing it for $121k and used a local first time homebuyer program. When closing cost case around, I was actually given a refund. Lucky me. The bank appraised it at $125k, of course. I immediately started cleaning up the place, there were cobwebs everywhere and the place smelled really bad due to urine soiled carpet throughout. I tore out the weird fireplace brick, painted almost every room, tore out all the carpet and started tearing out the wall between the kitchen and dining room.
Everything was going great! I resumed my travel schedule, work was going great and life was wonderful. Then we had some terrible rain and the ceiling in my daughters room fell in, completely ruining her wood floors that was under the carpet. It was hell trying to find a contractor to patch up the roof before winter. Luckily I got it patched and the ceiling fixed. I’m doing most of the small work myself when I have the time. I work overnights at my job and have to sleep while my daughter is at school or else it’ll be no sleep at all.
Since purchasing the house, it’s value has appreciated to approximately $149k, so that’s exciting. I’ve put about $2500 worth of work into it so far. I’m doing everything out of pocket, so I save what I can and put it towards the next project. In total, my renovation will be about $30k-$40k depending on how many times I change my mind on things here and there. It’s been 8 months and I couldn’t be happier with the process. I know one day I’ll have the money to just throw at a renovation and get it done in a shorter amount of time, but for right now, I’m going to enjoy the journey. Follow along.