Great Investment Property | Cost Breakdown
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- čas přidán 2. 08. 2024
- This house has been a great investment property. It's in a good location and the expenses associated with this house have been significantly less than some of our other properties. Property taxes are low and it's on the city sewer so we don't have the added maintance and cost of a septic tank.
4:33 - Tour of Property
12:47 - Cost Breakdown
Purchase Price - $36,00
Recent Remodel - $22,116
Utilities - $1,035
Insurance - $470
Tax - $266
Plumbing - $690
Jetting - $225
Electric - $2,100
Labor - $8,415
Flooring - $2,116
Countertops - $916
Appliances - $1,803
Pressure wash - $200
Dumpster - $283
Trim - $500
Vanity - $729
Materials - ~$2,000
I didn't mention it in the video, but I also did a lot of work myself. I did most of the demoing, all the painting, all the cleaning, installed the vanity, installed the vent hood, etc. So I was able to save quite a bit in labor doing those things myself. - Zábava
This reminds me of a recent renovation we did on one of my folk's rentals. We call it the "Honeymoon House" because it was the first home they purchased when they moved to the area in 1970. I think they paid less than $5,000 for it back then! I think you did a great job on choosing the right amount of what to do with this renovation. I thoroughly enjoy your videos, Mandy!
If the doors are still structurally sound, I'd try to save them first. You might be able to find a matching stain to touch up just the damaged areas, or even refinish the entire door. They also make ink markers for touching up dings in furniture in different colors like cherry, walnut, espresso, etc which are extremely effective. They're amazing for desks and cabinets. They might even work on the doors, especially since the damaged areas are so low down far from the eye. Failing all that, I'd probably paint them, considering it's a rental. If the gouges are deep, you can fill them with Bondo, sand and paint over them and they'll be completely gone.
I've seen people sand and paint the cabinets in the kitchen to make them look more modern. But older folk that you rent to may like what's old fashioned.
I love your videos. I can’t believe you don’t have thousands of views. So we’ll put together, nice images, well edited, valuable information. Thank you for sharing your knowledge with me
Thank you!
your videos deserve much more views! you are informative, honest, to the point, keep going
for the doors I would have used mud or something to fill in the missing chunks, than painted with latex, but I would have used my airgun. if you use rollers add some floetrol, its latex additive to make it flow out smoother like you sprayed it on
Yes That great and Wow $675 is a great price let me know when it is empty again lol I would definitely relocate I am from Bartlett tn .. but I will be looking for something early next year I am in early retirement plus own a business let me know when how some more around about Feb. 2023 great site and very honest people too .. I sub to your channel God bless you
Dont forget your travel expenses!
Id leave the doors. Bondo and paint works wonders. Biggest thing would be paint the cabinet boxes and install new doors. Will transform the kitchen for cheap. Also the vanity was pretty pricey still IMO for that specific property. Big box store vanities that go on sale for $399 with a vanity are your best friend here. Also no need to replace an ugly tub just have it refinished! Great work and keep it up.
ma'am if you buy a angle stop tool from ridged you could get them all off they are pretty neat x plumber here good job ma''am am learning
Love the breakdown of projects, cost, contractors, materials and a look at the property. I have 2 older homes that are rentals and I need to do all the same things 😀. It cool to see how u decided to do it, contractor experiences and time to complete. Awesome video!
Thank you!
Nice job on the house and video. Keep up the good work!
Good job!
Great job. Subbed!
Miss your videos
I would have sanded the doors and refinished them, thats a good investment. I'm just starting to look into renting and maybe property management.
I don't like carpet because it doesn't last that long... I use vinyl in bedrooms and tile in kitchen and bathrooms... Vinyl and tile usually lasts 15 to 20 years...
You may be able to remove the marks on the tub with a pumice scouring stick and water.
Hi Mandy, love your channel!! I literally watch your videos when I drive vs listening to music. I have a question for you. I am in California looking to invest in rental properties, but here they are so expensive. Living little room for return. So I have been looking into buying out of a state. My question is, would you ever Be interested in helping me by property managing for me if I buy property your state? Of course not for free! It’s just I love your videos and I feel you know so much, and my properties couldn’t be in better hands. I would love to work out a deal with you on this, and if not, maybe you can point me in the right direction to someone/a company you trust. Please let me know even it’s to tell me no!
Hello I love the channel and info 💕 I am interested in a rental property that you own...how can I apply?
Yea $675 seems like a great deal
Is this the house the babysitter used to live?
If it is, I am glad you got it back.
No, her dad ended up paying that house off for her. So they own it.
Question about the math… $675 x 36 months is $24,300. How can the entire rent pay off the renovation costs? Do you not have any other expenses on the home, ie. Mortgage, taxes, maintenance, cap ex? Is 100% of the rent going to recoup the renovation costs? 🤔
That was just a general statement, not really considering other expenses. But my expenses for this property are very low. Property tax is $348, insurance is $611, and I usually have almost no maintance requests on these fully renovated properties.
675 for rent? What? How is this low? For this money, you can't get anything, at least where I live. Where is this house?
Can I ask a random newbie question? I want to buy a duplex and live in one of the units, but both are currently occupied. The earliest lease is up in 6 months. Am I able to apply for a “second / vacation home” loan through the bank and buy the duplex now even though I won’t be able to move in for 6 months? Or is my only option an “investment property” loan?
Hey! Unfortunately I'm probably the worst person to ask about loans. I would ask your bank and maybe a real estate Facebook group, like BRRRR Invest. If you do the deal make sure you have extra funds incase the tenant refuses to leave. Sometimes terminating a lease can go sour, the tenant will stop paying and also refuse to leave. Definitely not always, but the chances of that happening increase depending on how hard it is to find new rentals in your area and how far below market their current rent is. Good luck!
@@ItsMandy thank you 🙏🏻 Mandy ☺️
Do you utilize the BRRRR strategy where you could refinance and pull out the money you’ve put into the property?
No I don't. Actually, my goal is to get everything paid off. It's a lot less stress when something goes wrong if you don't have mortgage payments to make. Like if you have tenants not paying or vacant houses that need a lot of work.
@@ItsMandy Definitely. Fellow investor here so I get all of that. ☺️
Where did you go?
Damn that’s way too much money for that little house. You should rent that house for at least 900! 2 bedroom? No way for 650 way too low!