My Investment Property Portfolio Summary

Sunday, October 7, 2012

My Second Rental

My second rental was a town home, not far from my house. I caught a great deal on this 3 bedroom, 1.5 bath town home at only $46,000. The previous owner had bought if for $71,400. This rental needed all new paint, all new floors, and quite a bit of trim replaced.
I did have one major issue, which of course I detected before I bought it. The hot water heater had busted at some point, soaking a large area of the first floor. Since the home is on a crawlspace foundation, the water eventually had soaked through the floor, but not before leaving a layer of mold underneath the linoleum and trim, and weakening the floor beneath the hot water heater. After ripping up all the floor and trim affected, and bleaching everywhere necessary, my brother helped me reinforce the floor joists. I continued to put tile and a new hot water heater in, spending a total of $7,000 in renovations. To this day this rental has been a great investment!

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