$25k Hoarder House Renovation in just 45 days

Описание: I’ve created a passive income stream of $65k per month in rental income, and my properties are currently worth $10M. I did this ​while working a full-time job, and I’m going to show you how you can do it too.

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Part 1: $25k Hoarder House Renovation in just 45 days 45
intro
video of me closing on this house recently
Me looking at the house before making an offer (same day it hit the market from the listing agent)
Add before and after photos to part 1 and two videos
Timeline
Oct 29th #58 Closing - Lease Purchase Tenant
Nov 18th #39 & #40 Closing - Remodel
Dec 1st #36 Tenants move - Remodel
Be on the lookout for next week’s video where I cover the deal side of this property: finding, inspecting, making the offer, winning the deal, closing, remodeling cost and financing, cash flow and equity of this property

Part 2: How I created a $900/ month Passive Income Stream in just 45 days
Record intro with a story of receiving email, calling listing agent same day, her having only a 6pm availability, date night, cheryl went with, wrote offer same day
Mention video on closing and renovation
Multiple offers, best and final, escalation, Won the house.

I’m going to show you how I found this property, bought it, remodeled it, rented it, and how it is now generating a $900/ month passive income stream along with a $30k equity position in just 45-90 days
I cover the deal side of this property: finding, inspecting, making the offer, winning the deal, closing, remodeling cost and financing, cash flow and equity of this property

Offer, acceptance, closing, Renovation costs, Renting, equity, Financing
Body

Timeline
10/03/21 Offer Accepted
Escalation clause, Cash, AS IS/ no contingencies, $130/ sf vs $151 ARV
Used listing agent
Estate sale
11/18/21 Closed for $273k
12/17/21 Finished Renovation and listed for Rent
12/30/21 Signed lease
10/03/21 Offer Accepted for $273k, Basic details

3-4 beds (bonus) / 2.5 baths/ 2092 sf, Built in 2008, city, EH schools, subdivision with sidewalks
East Brainerd Elementary, EAST HAMILTON Middle and High. MASTER ON MAIN, flat FENCED YARD, double garage, two HVAC units. Large BONUS ROOM can be 4th bedroom, den, exercise room, etc. Great subdivision and location near Hamilton Place Mall, Erlanger East, CHI Hospital, Chick Fil A, Target, Starbucks and Whole Foods and only 5 miles from VW and Amazon. HARDWOODS & tile throughout, carpet in bonus room, 14' CEILINGS, open living area, private back yard and SCREENED IN DECK and mini porch off of master. Shed, stove, microwave, dishwasher & laundry area.
RENOVATION including: new HVAC unit, fresh paint, new kitchen tile, new hardwoods in bedrooms, pressure washed, fresh paint and cleaning

The Numbers
Cost & Equity
Listing Price $250k
Purchase Price $273k
Closing Costs $3k
Renovation $26k
Total Cost $302k
Zillow Estimate $333.5k
Equity $31k
Rent
Zillow Rent Estimate $2197
Rent offered $2495 - $2659
Lease Rate: $2800
Cashflow
Monthly Cost Loan No Loan
P&I $1610 $0
Taxes $227 $227
Insurance $72 $72
Monthly Cost $1909 $299
Rent $2800 $2800
Cashflow $891 $2501

Financing
Total Cash Invested $302k
80% cash-out financing, 20 yr am @ 3.950% $266k
Net Cash Invested after refi $36k
Cash on Cash: $891x12= $10,704/ $36k = 30% annual return + $30k equity, annual appreciation and monthly principal paydown.

Summary
So that’s how I just finished buying a rental property and creating a $900/ month passive income stream along with a $30k equity position in just 45-90 days.
This was one of 5 properties that I bought this year. I bought 4 last year. I’ve bought 40 properties and currently have 30 in my portfolio. I love the $68k/ month passive income it generates which is a great way to fund your retirement.
My real estate portfolio is worth $9M, and I have another $1M under contract. I plan to buy a few more next year before interest rates start to rise and real estate appreciation starts to cool off.