I wanted to give you an update from the trenches today.
In January, my partners and I bought a home in need of massive rehab. To make our offer a bit more appealing in this seller’s market, we negotiated to let the seller become our tenant and rent for 4 months while we avoided doing a full-blown remodel in the cold winter months. It worked well for the seller as he needed to buy in AZ and couldn’t purchase without first selling the home here. We also told the seller he could leave whatever he didn’t want and we would handle it.
Holy Moley, we thought he’d take something besides his bed and TV! After seeing how much stuff we had to haul, I called in the cavalry! My partners and I ended up hauling 6 dump trailer loads to the dump and gave lots more away to whoever would take it! The kids, of course, wanted to keep everything!
Now that we have the former owner’s contents out, we have a solid rehab plan to quickly put Humpty Dumpty back together again. On the list for this home is a deep cleaning to get rid of the yellow nicotine-stained walls, new paint in and out, flooring, granite, appliances, landscape refresh, all new trim and doors, and add some bling to the master bathroom. Once done, we will either sell or rent out the home.
The trenches are a dirty place to be for a real estate investor. I know you can be an investor and not be the person to actually do the work. I commend people who are able to do that. For me, I like to stay in touch with the process while teaching my kids how to earn a dollar. In a market like this where margins have been squeezed out, we have been able to do more deals by getting our hands dirty and jumping in on the project.
If you catch yourself intrigued by the process of investing in real estate please reach out to one of our agents. We would love to strategize with you on the many options available to get into the real estate investment game and allow you to learn from the time we have spent in the trenches.
JTS + The Team
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