You, Me, and Property Number Three
If you follow along on Instagram, then you know we closed on our third investment property, bringing our total number of rental units to four. We didn’t plan on buying another house yet after just finishing renovations on property number two, but a wholesaler reached out to us so we figured we’d take a look and run the numbers.
The most desirable feature about this property is that it is two doors down from one of our other properties. Having the option to have two units so close to one another helps with maintenance and tenant care not to mention that we could have a heavier hand in market rates if we become our own comp. The wholesaler ended up being removed from the deal because there were some unprofessional incidents between them and the seller so we continued the conversation directly with the homeowners. After a month of back and forth, negotiating, and lots of listening, we finally closed on the property.
Shout out to Sean Terry, from the Flip to Freedom Podcast because Episode 157: How to Read a Seller Like a Book was GOLD for this negation. I was able to define which personality type the homeowner was and learn how to be the best buyer for that person. This allowed us to provide the best solution for the situation and create a win win for both parties.
Now we’re ready to get our hands dirty and turn this place into a welcoming home.
Before Pictures
The property is 3 bedrooms with one full bath. An almost identical layout to the unit we own on the same block, just a few square feet smaller as it is not an end unit.
Renovation Plans for Investment Property Number Three
- Opening up the stair case wall to allow light to flow from the living room into the dining room
- Opening up the wall between the dining room and kitchen
- Painting the kitchen cabinets
- New kitchen countertop
- New appliances
- New cabinet pulls
- All new light fixtures and ceiling fans throughout the home
- Luxury Vinyl Plank flooring on the first floor
- New carpet on the second floor
- Update the bathroom to include a shower/tub surround, new tile flooring, new vanity and medicine cabinet, and of course, a new toilet
- Skim coating the walls to give a fresh clean look
- Fresh paint throughout
- New front and back doors and storm doors
- New bedroom, bathroom, and basement doors
- Replacing the backyard fence
- Servicing the HVAC system
- Laying a new roof
..and that’s it!
Okay, it’s a long list. But we’re revved up and excited to get this project underway. Property number three, let’s go!
