Flipper/Rehabber · Wilton, CT · Member since 2015 · 4k+ posts · 4k+ votes
So I bought my first buy and hold for 5K. Repairs needed.. if I do it cleverly, about 10K.
the rent there is 900- 1200 per month.
But of course there is also a bad.
It is in a not-so-good area and the house needs work. But hey.... what are crazy adventures for right?
I will need help from you guru's with this one though!
So you will ask. No way the rehab is just 10K.
Well my little silly bunz, I am hoping I can expose the brick and leave electrical in metal conduit, making this the very sought after "industrial look".. much like .. so:
I just not sure if the inspector will let me get away with this. I look like a bonafide jungle creature..so maybe he will have pity on my monkey butt fayce.
How did I get this you ask?
Well you see...
many many people asked me how the heck I got this deal as everyone wanted to buy up these (town) houses as apparently they are gold mines I am now told.
Well my silly muffins... ranking one on google will get you these deals! ^_^
While everyone was busy trying to find the owner, the owner was busy finding me
Proud of you man! I know you have been hustling for a good while now and its cool to see it pay off! Im sure if you work your butt off you can make that place nice for 10k. Its gonna be great!
It's always great finding clean, old hardwood underneath stale and overused carpet. I had the same thing happen to me and the first thing I wanted to do was have them refinished and show them off;
Until I heard a brilliant tip from @Brandon Turner in his book on Rental Property Investing...
In most cases, especially lower income areas, the presence of hardwood would likely go unappreciated and it may make more sense to preserve that wonderful vintage material and actually cover it with another type of flooring (I've been using Trafficmaster Allure in my units, which I'm obsessed with) until it comes time you decide to sell the property and then expose the old wood, refinish, and use it as a marketing point to the next possible owner( think about how "rare" and "desirable" that same flooring might be after another 20-30 years if preserved). Hardwood can take the abuse, but it has a limit as to how many times it can be refinished.
I loved and also practice that advice, and while It's not gonna make or break your rental, I would definitely consider it moving forward with your renovation.
I've been in home construction almost my entire life and also have an appreciation/passion for up-cycling and vintage and industrial design. If you need someone to bounce some ideas off of, don't hesitate to reach out. I love talking this kind of stuff! Either way, congrats and good luck moving forward!
Funny. I was thinking the exact sane thing!! I also was thinking about this with countertops...
@Jerryll Noorden. 4-5 options a day!!?!? That's awesome my friend. That means you are buying dinner soon right? haha. Keep on killing it dude, and don't be a stranger...
@Jerryll Noorden. 4-5 options a day!!?!? That's awesome my friend. That means you are buying dinner soon right? haha. Keep on killing it dude, and don't be a stranger...
Yeah but most people think that their new born having made their first steps in that living room makes the house way more valuable...
@Jerryll Noorden I would absolutely avoid offering tenants a $20 kickback to not "trash the place." You could be in violation of the program by doing that. In my opinion, it is in their best interest not to trash the place because they could be removed from the program. I know you can't rent to your family, or offer ownership incentive, so don't offer kickbacks. Now, what you can do is provide a quality property to a low income individual and fix problems as they present themselves; that would be doing a huge service to them and to society. You also might be able to get away with a once a year Christmas card that has a $25 (nominal amount) gift card to a decent restaurant to thank them for their business. Good luck.
@Jerryll Noorden I would absolutely avoid offering tenants a $20 kickback to not "trash the place." You could be in violation of the program by doing that. In my opinion, it is in their best interest not to trash the place because they could be removed from the program. I know you can't rent to your family, or offer ownership incentive, so don't offer kickbacks. Now, what you can do is provide a quality property to a low income individual and fix problems as they present themselves; that would be doing a huge service to them and to society. You also might be able to get away with a once a year Christmas card that has a $25 (nominal amount) gift card to a decent restaurant to thank them for their business. Good luck.
Man, you rock. I didn't even think about the legality of it all. I need to apply for section 8 and ask then a set of rules, I guess.
Thanks for looking out for me man! Seriously appreciated!
Jerryll Noorden thanks for posting such a courageous buy. I’m looking into section 8 real estate and was unsure of what type of place to look for, so this gives me a great visual starting point! Thanks so much!
Jerryll Noorden thanks for posting such a courageous buy. I’m looking into section 8 real estate and was unsure of what type of place to look for, so this gives me a great visual starting point! Thanks so much!
This is what I think... and I may be very very wrong, but who cares...
EVERYONE needs a roof over their head. Someone... lives in those low income houses you see. Someone. Someone has to own these houses. Someone is collecting rent from these houses. If there was no positive income flow, those houses would all be empty or demolished. So why can't that someone be you? Well this time.. me?
I guess it is a niche you either want to get into or don't want to get into. Honestly? A nice house in a nice city, I rather flip (not rent out). Tenants will never care about how you were on your hands and knees polishing those wooden floors caressing them with all your love.. and bloody palms.
On the other hand, in a low income house you really do not NEEEEED to put in hardwood floors. Put down carpet! Who cares if you have to replace it every 7 months. It is less of a stress and headache if you see it that way. You know your check will be coming and all the cosmetics you have to replace are not really that much as you don't put high end finishes in such a house.
That is my opinion. But than again.. who am I. I am just a NASA scientist that doesnt know doodle. HA!
Dude, great find! That is a fixer for sure. Keep up the good work and let us know when you find another one!
No no, my pale brother! That is the best part! I didn't find this. This found me! and *they* were "begging" me to buy it! SO... I said.. "sighhhh fine fine .. I , the hero.. shall buy your house". But you better sacrifice 3 virgins for me!