I’m back again with another “My Life in Real Estate” rehab videos. In this one, we’re at 5494 Main Street and we just closed on it four days ago. This one is a real diamond in the rough. It’s located right across the street from the Portage Lakes near Akron, which is a prime location.
We bought the house at $52,000 – actually it was $49,900 at closing due to some concessions. Our rehab budget is $22,000, so we’re in it for about $72,000. Once again we’ll follow our basic rehab formula – new flooring, carpeting, windows, paint, remodel the kitchen and bathrooms, new appliances. We’ll keep the décor and color choices neutral. There is a huge backyard with an out-building that will be an extra attraction for potential homeowners.
Our intent is to list the house at $139,900 when everything is complete, so there is a lot of room for significant profit on this one. The best part? It will be a quick project. We’re four days in and demolition is already underway!
To learn more about how to rehab bank owned and government owned properties without having to swing a hammer or do the work yourself, visit www.srecrehab.com. Check out how my friend Carrie did it while she was pregnant. Then come back to this page, leave a comment and tell me what you think.