Updated 15 days ago on .
Make ready remodel in Bethany, OK
Investment Info:
Single-family residence other investment.
Cash invested: $30,000
Remodel we managed for a client who owned a home free and clear. The previous tenant passed away and the home had been vacant for 6 months. Includes before and after pictures. We leased this one quickly at $950/month. Two bed/one bath, 900 sq ft in Bethany, OK.
Total spend:
$6075 in supplies (water tank, garage door, flooring, paint)
$13175 in labor (two week rehab with full crew)
What made you interested in investing in this type of deal?
We manage this for the owner and had to get people to take action to bring a vacant home back to life.
How did you finance this deal?
We bank rolled and managed the rehab and were reimbursed by the owner.
How did you add value to the deal?
New flooring, paint, counter tops and completely new kitchen. New garage door. Replaced soffit vents. Installed roof on outbuilding.
What was the outcome?
One year lease for $950/month for a 2/1 in Bethany schools
Lessons learned? Challenges?
Older owners perception of current labor costs.
