So end of June we purchased a house that was in pretty rough shape in the Portland neighborhood of Louisville, Kentucky. The house has been foreclosed on and the seller was a bank.
We decided to buy the house because our primary contractor walked thru with us and liked it. We always bring our main contractor with us for initial viewings of properties. The interior was pretty rough. But the exterior was fairly good and the roof was good.
Because we were finishing another project we didn’t get started beginning
of August. We pretty much gutted the house. The ceiling had to be replaced in spots. The floor and subfloor needed work. We tore out walls and framed up a new bedroom turning it from a 2/1 to. 3/1.
Now we are almost done. Our goal is to hold and BRRRR the place. We paid $7,500 for the house. We are looking at about 13,000 in labor. Probably 6,000 in materials. This also includes a new HVAC/Furnace system being installed which cost me $500 in the box ;)
The goal is to reach an appraisal of $38,000. I would post pictures of the work and progress but the app doesn’t allow it (oddly).
@J. Clark Baird that would have been great to see pics of your start to finish. I have been looking to get into the Louisville market,and I was actually wondering if BRRRR would actually work in the Portland area due to lender,appraisal issues etc
@Reggie Smith . Look at the prices on the MLS in Portland. Nice houses fly off the market. I am confident that we can reach our numbers. But I'll update.
My primary focus is in Portland. For rentals, wholesaled and flips. We are looking at another house to start a new rehab ASAP this time to flip.
Happy to discuss why I love Portland. The ROI on rentals there is amazing FYI. We just bought a completely renovated brick 3/1 off MLS for $40k and will rent for 900-950
Just had my client buy for $30k off market on 31st street, home listed at $130k. You'll get it.
@Reggie Smith sounds
Good. I’ll send you a connect request. So we can exchange contact info.
We have an investor from Cali in town right now.
House is just about finished. It looks great!! It is unfortunate that the forum app doesn’t allow us to post pictures, I would love to be able to show you guys the before and afters.
Next we are starting another project down in Portland within a week. Building out and rehabbing into a 3/2. I believe we are going to put a wrap-around front porch on, new metal roof, etc. I think this one is going look great, very modern. It’s going to be a flip.
I’ll start a new post about this project.