Buy, Rehab, Rent, Refinance #1

DSC03075.JPG

Our first home acquisition.  This home is located in Mesquite, Texas and was in dire distress.   The owner was suffering from depression, anxiety, drug abuse, and hoarding.  We were able to purchase her home and get her out of a financial crisis.  She was able to move into her mothers home where she can heal.

This home needed everything and not for the faint of heart: Foundation issues : Snakes : Hoarding and trash : makeshift walls : 2 old sheds full of debris : Wasp infestation.  We just about broke even on this property, but we will treat it as an expensive learning lesson!  

The Numbers:
Purchase Price: $55k
Cash Down: $3k
Repairs: $20k


Loan Amount: $55k
Market Value: $110k
Equity: $55k

Rents: $900/month