This is a great house that we just bought from a wholesaler/agent. The house is much bigger than it looks with ten-foot ceilings, hardwood floors, big rooms, and a lot of built-ins. The house was built in 1910 but has had some updating done over the years. There is even a large basement although it has a strange floorplan. We bought the house for $200,000 and it will likely need about $30,000 to $40,000 in repairs depending on what we do to it. There will also be around $30,000 in other costs that include financing, carrying, and selling. I think the house will be worth at least $305,000 when we are done with it, maybe more. It is a tough one to value because it is bigger than most of the houses in the area.
We plan to refinish the floors, paint everything, remodel the bathrooms, and maybe remodel the kitchen. I am not sure if the kitchen needs it or not although the stove is in a very awkward place. The roof is okay and the siding is okay, but the yard will need work and the outside trim and porch will need work as well. The basement could be made into a 2nd unit but we will most likely leave that task to the new owners if they want to do that.
You can see some of the other similar houses we have done below:
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Mark Ferguson’s purpose is to help as many people as he can become financially free through real estate.
Mark has been a real estate investor and real estate agent since 2001, after graduating from the University of Colorado. Mark has flipped over 180 houses and routinely flips 20 to 30 houses a year. Mark owns 20 rentals properties as well including a 68,000 square foot strip mall. Mark is the managing broker and owner of Blue Steel Real Estate. Mark is also a member of the Forbes Real Estate Council.
Mark started InvestFourMore in March of 2013 to discuss his rental property investing techniques. Mark expanded InvestFourMore to talk about his flipping business and real estate agent business. InvestFourMore now has 300,000 views a month and is one of the top real estate blogs.
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