House Photos

The house is done. It took a couple of months longer than I expected, but I came in under budget. I purchased the place in October, a bank-owned foreclosure property, for $23,000. It’s a 2 bedroom single-family home with a small yard. Over the last few months I learned a lot about construction and remodeling. I dove into things I’ve never done, made a few mistakes I had to do over, banged my head a couple of times, but ultimately ended up with a building I can be proud of.

In total I spent $6,757.57 fixing the place up. Which is good, I was expecting to spend closer to $10k. So that put my total invested cost at $29,757.57. The vinyl siding was fine so most of the work was on the inside. I put in all new appliances, patched the roof, put new floors throughout, painted just about everywhere, installed a new shower, a sump pump, fixed a couple of broken windows, new blinds everywhere, a whole new ceiling in the kitchen plus lots of patches in the other rooms where there was water damage, insulated the heck out of the place, and put up a lot of new drywall and trim.

I have a tenant moving in in two days who has agreed to a 12-month rental period at $800/month. My overhead on the place is about $125/month for taxes, town water/sewer, and insurance. I expect I could turn around and sell the place for about $65k, maybe as much as $80k. But I want to try land lording for a bit, so I probably won’t sell it off for a few years yet. In the meantime I’ll collect rent and see if I can gain some appreciation on the place from the real estate market potentially moving back up at some point. Even if nothing appreciates, the value added from the work I did will still make for a nice profit come selling time.

I enjoyed most of the work. I woke up/went to bed when I wanted. No alarm clocks. – No metrics, no mission statements, no HR morale boosting ridiculousness. I was able to do things my way without consulting a supervisor or a committee. I have a top-notch work ethic so when I get going on a project I don’t stop. I put in several 15 hour days at the house. All together I’d say my invested time is somewhere around 200 working hours. I’m looking forward to finally getting paid for it now.

Below are some before and after photos.

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  1. eh
    Posted May 30, 2011 at 3:19 am | Permalink

    Good story of what will probably prove to be great experience for you.

  2. McTrex
    Posted August 12, 2011 at 12:13 pm | Permalink

    Mike, you da man! Very nice work! I wish we had opportunities like this in the Netherlands…

  3. Mikayla B
    Posted January 1, 2012 at 1:08 pm | Permalink

    Awesome work! You are very inspiring. We will be doing the same very soon.

    Happy New Year!