Our latest investment :) – Fixing and Holding Houses
This property was located across the street from houses we already owned. As they were in really rough shape, they tended to attract some bad people. It was owned by a family trust left behind by a lady who used it as a winter residence when she was younger.
We started mailing and calling the kids that inherited the property but they were slow to convince. However, after two years of pursuing it, they got back to us and we agreed on a price. Then done deal :) It took us two months to get it all back to life and we have now got renters lined up and ready to move in.
The numbers looked like this:
– Purchase price: $55 000
– Renovations: $ 8 000
We kept the shed and the workshop for ourselves, but we make income on
– Rented House: $875
– Rented Trailer: $575
The total income when fully rented is $17 400 per year. Not bad on a $63 000 investment. Thanks for watching!