Author Topic: Making 200k in equity in 6mo - Back down the rabbit hole, long distance RE  (Read 7036 times)

sammybiker

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    • Making 200k in equity in 6mo - Back down the rabbit hole, long distance RE
Re: Making 200k in equity in 6mo - Back down the rabbit hole, long distance RE
« Reply #100 on: October 04, 2018, 04:52:47 PM »
Update

Property #2 
On the rental market now.

Property #3
Mold remediation is complete and the property is dried out.  The big day is tomorrow when the mold inspector goes through the property, takes samples and certifies the house as mold free.  We'll then be able to kick-off the drywall.

Electrical has been updating boxes, some wiring and running some new wiring to support additional recessed lighting in the kitchen.

Some additional budget growth with electrical, exterior repairs and some cosmetic scope decisions of my own. 

Flooring, paint, baseboard is ordered, should be arriving late next week.  I'm pretty excited for the concept here, sticking with the same cathedral gray walls of property #2, white ceiling & baseboard but coupled with a wide plank, light gray laminate flooring that should pair well. 

But first...we need to get our mold free certificate.  We'll see what tomorrow brings.

Property #4 No real updates, the wholesaler is having some issues contacting the seller, which isn't uncommon.  Maybe they got a call from another wholesaler and think they can get a better offer.  We'll see.  Still under contract but if the seller disappears, not much I can do.

Meanwhile, I'm continuing to make offers.

Property #3 Progress Photos Below

43088526_262694747716335_4245265857141276672_n by sam burn, on Flickr

43130233_805905579584574_5241026309294915584_n by sam burn, on Flickr

43056079_468085080355435_1206581945534775296_n by sam burn, on Flickr

43062083_244860416375926_8133296396393512960_n by sam burn, on Flickr

43012731_186351515508798_4001361579298783232_n by sam burn, on Flickr

43078585_255626491763535_2139248670980177920_n by sam burn, on Flickr


tralfamadorian

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Re: Making 200k in equity in 6mo - Back down the rabbit hole, long distance RE
« Reply #101 on: October 04, 2018, 05:19:21 PM »
Looking good @sammybiker ! How is #1 doing out there on the rental market?

sammybiker

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    • Making 200k in equity in 6mo - Back down the rabbit hole, long distance RE
Re: Making 200k in equity in 6mo - Back down the rabbit hole, long distance RE
« Reply #102 on: October 05, 2018, 06:38:28 AM »
@tralfamadorian A lot of interest, screening now, should have someone locked in next week. 

tralfamadorian

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Re: Making 200k in equity in 6mo - Back down the rabbit hole, long distance RE
« Reply #103 on: October 05, 2018, 10:51:42 AM »
Great! Are rents lining up where you expected?

sammybiker

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    • Making 200k in equity in 6mo - Back down the rabbit hole, long distance RE
Re: Making 200k in equity in 6mo - Back down the rabbit hole, long distance RE
« Reply #104 on: October 05, 2018, 11:37:07 AM »
@tralfamadorian Yes.  I was shooting for $1800 for property #1 and that's what I listed it at.  Another house in the same neighborhood just went up for rent yesterday, 200 sq ft smaller and with a smaller and less attractive backyard.  I think the market would support $2,000 for my house and I'll actively bump rents next year to get closer to that figure.

sammybiker

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    • Making 200k in equity in 6mo - Back down the rabbit hole, long distance RE
Re: Making 200k in equity in 6mo - Back down the rabbit hole, long distance RE
« Reply #105 on: October 12, 2018, 02:32:39 PM »
Update

Property #1 Rented at $1800/mo

Property #2  On the rental market for $1650/mo - trying to send a few folks that were interested in property #1 but didn't get their deposit in fast enough over to property #2.

Property #3 Mold remediation completed last week and samples were taken last Friday.  I received the results back this week and we were given the all clear.

HVAC installation was completed as well as installation of a new garage door.

Drywall started today, paint and underlayment is waiting at Home Depot for pick-up and the flooring gets delivered early next week. 

Property #3 Progress Photos Below

47c8f066f9c972cac1f5c6da7d9cc6e4f1185a29-1 by sam burn, on Flickr

46f1ce11cdba0ab683050ad359086ec8fc08b8a6-1 by sam burn, on Flickr

5bc4d7fc7711e5c9b0055e72744d18271d92f5da-1 by sam burn, on Flickr

69728500b3712d877b20aa1ad172039a7cd9b021-1 by sam burn, on Flickr

tralfamadorian

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Re: Making 200k in equity in 6mo - Back down the rabbit hole, long distance RE
« Reply #106 on: October 12, 2018, 05:55:52 PM »
Update

Property #1 Rented at $1800/mo

Woo hoo!

Laurel

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We're under contract for our first rental property, a duplex in Michigan. We don't have as grand of plans as you (or the money or confidence) but are eagerly following your journey and learning a lot. Thanks for sharing; appreciate all the details and numbers!

sammybiker

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    • Making 200k in equity in 6mo - Back down the rabbit hole, long distance RE
Thanks @tralfamadorian it feels good to have the first one rented and cashflowing.

Thanks @Laurel and congrats on your duplex.  Michigan is a strong rental market and can provide some great cashflow opportunities and fast track you to FIRE, if you're so inclined.  A large portion of my portfolio is not too far away from you, in the greater Toledo area.