Very First Project - Greybull Wyoming auction find.
Investment Info:
Single-family residence buy & hold investment in Greybull.
Purchase price: $60,000
Found this property on Auction.com. It actually came with an inspection report, though low quality. We could see from the pictures in the report what looked like new ductwork, a new water heater, and a mostly remodeled house. Took a chance and scooped it up for the bare minimum reserve price, at $60,000, on October 1st. What we expected to be a quick close, ended up being a run around with an incompetent lawyer from Illinois.
Today (11/21) we were finally able to get into the house and see the shape of it. The inside was GREAT! The outside, not so much, but still not horrible.
First impressions:
- YES!!! We were right - everything (and more!) was brand new. New ducts, new A/C, new water heater, house completely re-plumbed, new roof, new windows, new KITCHEN (counters, cabinets, dish washer, fridge), and all the bathrooms had been completely redone, and new electrical. So exciting!!
- most of the inside is completed, except the "mudroom" and entry area to the backyard (also where the entrance to the basement is). It seems to have been the last of the renovations for inside but just wasn't quite completed yet.
-Mudroom has some old water damage that appears to be from before the renovations started. The roof is new and a peak in the attic shows no damage, so is apart of the leftover "to be done" reno's from the previous owner.
- Light fixtures for the bathrooms and over the sink in the kitchen need to be replaced
- Basement just needs some of the dust cleaned out and a good scrub, I think it will be fine. Maybe fill in the gaps, but not sure that's necessary. Would make a great storage room for someone who wants to can and store food.
- Outside needs to be repainted completely. The paint is chipping off. The siding needs to be secured and/or replaced in some areas, it's starting to come apart and expose insulation on the corners.
- Gutters need to be added.
- New fence needs to be erected around the property or at least taken down. Haven't decided if the fence is necessary yet.
- There is also a HUUUUUGE shop on the property. There are open holes where windows should be, and lots of birds have nested inside. It's not in as bad as shape as we originally thought, because we thought the roof had bent in the wind, but it turns out it was the window holes letting the birds in. The swing door needs to be replaced, but it's huge. Not even sure who to go to for that. It does have a garage door for cars as well.
Check out this collection of the inside pics: https://drive.google.com/drive/folders/1Wua6E21bxiJVnWA4RSJcfwYJViO5Yeqz?usp=sharing
As you can see most of the work has been done already! What a find! :) We'll keep you updated as we learn and do more.
What made you interested in investing in this type of deal?
We had been looking and looking near where we currently lived and wanted something not too far away to start working on.
How did you find this deal and how did you negotiate it?
We found it on Auction.com, no negotiation needed.
How did you finance this deal?
Equity from our last house, all cash.
How did you add value to the deal?
The house was almost completely renovated already - most of the hard work had been completed.
What was the outcome?
Still working on it.
Lessons learned? Challenges?
Work with people near you - having to work with a lawyer from out of state was a nightmare.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Not yet!