Last week our workers completed the rehab for House #24.  We have listed this house for rent and have not got a ton of interest so far, I wonder if it is because of the holiday weekend or if the price is too high?  We will probably keep the price the same for 10-15 more days and if we still get no action we will lower the price.

As for the rehab, we experimented by doing a lot less than we normally do.

• We left the popcorn on the ceilings
• We left the fireplace as-is
• We kept the kitchen cabinets and ceramic tile counter tops
• We did very few changes in the bathrooms (minus a full master shower redo)

I had some time so I experimented by doing the walk-through with the new video camera versus pictures, let me know what you think.

We closed on our latest rental at the end of October.  We are excited about this project, this is a nice house that is newer then our typical inventory.  It’s just over 1,200 sq ft, a 3 bedroom, 2 bathroom built in 1990.  This property is in a Home Owners Association which we don’t really like, but we can’t do anything about that.  Essentially, all they provide is a gate to the neighborhood.

The rehab is going to be very basic.  A new garage door, paint, kitchen counter-tops, appliances, carpet and some bathroom upgrades is what we are planning to upgrade.   The rehab process should only take 10 to 14 days.

This is our fifth rental house: the first one is rented, the second one we have a couple rental applications in and are running credit reports, and the other three are all somewhere in the repair process.  Dealing with tenants is a new thing for me, it is hard to decide what attributes are desirable, we are trying to focus on income and length of stay in previous residents.  It seems like most of the renters have been foreclosed on or their current landlord is getting foreclosed on.

Things have been really busy and the hard work has really paid off.  We have put houses #22, #23, #24 and #25 under contract.

I have delayed posting them because I don’t have good pictures of any of them yet.

Sorry this post isn’t very organizing it is a quite update of everything we have going on and it sure is a lot.

House #22 is in a decent blue collar neighborhood in an expanding area.  It has a big lot, almost 20,000 sq ft.  We are planning on keeping this as a rental.

House #23 is in a great area, we have been working on wholesaling it because it does not need a very big remodel job.  It sounds like the deal is a little bit tight to wholesale, so we are going to do a quick rehab on it and put it back on the market.  We won’t make a ton of money, but it is in a great neighborhood.

House #24 is a house we have been working on getting for a long time.  It is not in a great city, but it was built in 1990 and we got it cheap.  The house is in a gated association (only offers a gate) and comes with a $75/mo fee.  All that being said, the price was absolutely right so we chased it hard.  It needs very minor rehab, carpet paint and bathroom upgrades.

House #25 is a duplex we just put under contract.  We are hopefully going to wholesale this one.  It has a 2/1 unit and a 1/1 unit.  It does need about a $20,000 rehab.  If we cannot wholesale it, we will do the remodel job (a basic one) and rent the 1/1 and and market it to FHA owner-occupant.  They could get in and pretty much have the 1/1 tenant pay 75% of their mortgage.  It is zoned for a duplex and the lot is relatively big at over 10,000 sq ft.

We are also getting ready to start renting more properties.

House #15 has been on the market for just over a week now, we have it on the market, but we cannot accept FHA offers. Once we are at about 80 days I will lower the price a little bit and start accepting FHA offers.

House #17 the rehab is all but done.  We had an issue with the kitchen cabinets, and the fixed ones go in Monday and Monday afternoon the cleaning crew comes in.

Now you know why I have been so busy…