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It cost 7k to get my rental property rentable....
invite response
2011 Jul 16, 11:38am 3,673 views 12 comments
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How does this relate to bashing homeownership?
Please stay on topic.
Seriously. Though I don't want group think to totally
Monopolize the forum. While I agree that RE in general
Is in the crapper. I think there is lemonade to be made out there.
APOCALYPSEFUCK is Tony Manero says
If you put back all the grow utilities and had the tenant manage you could rake in all kinds of loot from the marijuana business.
No thanks though I am a big fan of Breaking Bad.
it cost u 7k and i'm really bill gates.
Sorry. The property cost 200k. It cost me 7k to fix it.
Katy Perry
2011 Jul 16, 9:15pm
why did the cops raid the place? bet it was not because of the grow.
Well, #1, you totally got taken by spending $7K to fix the house. Probably 500-1000 in material there.
Probably 500-1000 in material there.
Hard to say that, actually. The water heater alone could eat up $500-1000 depending on the water heater.
Carpet could eat up that amount alone, depending on the amount.
Painting interior could eat up that much alone, depending on the paint and painter.
Of course, it also depends on what the return is as well. Sounds like it'd be good on this place, but not sure.
Well, #1, you totally got taken by spending $7K to fix the house. Probably 500-1000 in material there.
Says the renter.
I'm shocked he could make a growhouse liveable for $7K. Keep renting bill1102inf. You have no business buying until you understand the costs better.
I'm shocked he could make a growhouse liveable for $7K.
I agree. I thought this was a very reasonable price to get a growhouse into shape that he could rent it for a reasonably high rent. How much of a deal do you think you purchased this house at, burritos? Also, if I may ask, where?
Better call Saul!
Seriously though I have a friend who's family had something similar. I'd highly recommend checking everything out. With his at one point we were moving things around and lifted the heat register only to find out it was really a hole to the basement covered by a register..no heat whatsoever. There were no inside stairs to the basement and steps needed to be fixed etc.
If it was known as a drug house it will be harder to get tenants that lived near by. Don't try to cover it up as they can probably google the property. Make sure you make it clear that no one is to make any drug in it. If it happened and you do kick them out then eventually reputations start. Junkies can get a good idea where "stuff" is by reading police logs.
It sounds pretty big...do you have plans to raise the rents after the lease is out because considering what you paid and any potential maintenance to be a tad low.
I just have to add some negativity, sorry Mr Trump.
Lemme see..
how much has your zestimate declined while you spent the $7k on that money pit?
Zestimate when I bought was 220k. It's now 203k. I've lost money already.corntrollio says
I agree. I thought this was a very reasonable price to get a growhouse into shape that he could rent it for a reasonably high rent. How much of a deal do you think you purchased this house at, burritos? Also, if I may ask, where?
Fife, wa. Property was bought new in 2007 for 357k.
mdovell says
Better call Saul!
Funny. I just started watch Breaking Bad last week too.
This was a former marijuana grow home which was raided by the police. 2400 sq ft home. 4 bed 2.5 bath. After it was ready it took 2 weeks, but we have a 12 mo lease signed for $1600 per month.
Included in the repairs were:
1. Front door replacement(police trashed it).
2. Back door replaced(original builder built the doors with the hinge/pins on the outside so anyone could enter by dismantling the the pins).
3. 4 12x12 vent holes were punched through the garage wall to vent their marijuana air into the crawl space. That portion of the wall had to be cut out and replaced.
4. Crawl space had to be reinsulated as the growers had dug around to get their vent pipes to vent outdoors.
5. The downstairs carpet had to be replaced. The indoors had to be repainted.
6. 1/2 the blinds had to be installed.
7. Attic had a nest that had to be removed and cleaned out.
8. Garage door fixed as it was sealed shut to create a air tight marijuana grow enclosure.
9. Water heater repaired.
10. Microwave replaced.
11. CO monitor installed.
12. House cleaned, upstairs carpet steam cleaned.
Never had to fix any of my rentals before. Seems like my PM did a good job coordinating the fix. I walked through it 2 weeks ago and it's looks nicer than my place.