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I stumbled onto a good thing this past week. The past few years we've done a few interior painting jobs to help keep busy through the winter. This year I found a very profitable job to keep two guys busy for at least 6 weeks.
A friend of mine has an established remodling business here in town. We went in together on a duplex apartment in a great neighborhood in Richmond. The assesed value was $150k as is. Very similar building in the area have recently sold or been apraised at well over $400k as single family dwellings. The building was damaged in a one-room fire about three months ago was deemed inhabitable by the city.
The owner has been given 6 months to get the building back up to code. We got the place for $100k "no interest" owner financing. In other words we don't have to put up a dime except for our estimated $40k in renovations to convert the place to single family dwelling.
My company is going to do all the demolition work, and his is going to do the construction. My friend has been in business for 10 years and has done many of these projects. He knew that I had an interest in the real-estate rehab business and thought this would be a good way to help me get my foot in the door.
If all goes as planned the place should be ready for sale by 3/1/05. At an estimated after renovation appraised value of around $350k.
I'll post pictures as we get started. Right now we are in the permitting stage of the project.
Between this project, winter landscaping work, and annual contracts it looks like we'll remain busy all year. Now it's time to start looking for that new cabover. Maybe it'll be a nice Christmas present from me to RRS.
A friend of mine has an established remodling business here in town. We went in together on a duplex apartment in a great neighborhood in Richmond. The assesed value was $150k as is. Very similar building in the area have recently sold or been apraised at well over $400k as single family dwellings. The building was damaged in a one-room fire about three months ago was deemed inhabitable by the city.
The owner has been given 6 months to get the building back up to code. We got the place for $100k "no interest" owner financing. In other words we don't have to put up a dime except for our estimated $40k in renovations to convert the place to single family dwelling.
My company is going to do all the demolition work, and his is going to do the construction. My friend has been in business for 10 years and has done many of these projects. He knew that I had an interest in the real-estate rehab business and thought this would be a good way to help me get my foot in the door.
If all goes as planned the place should be ready for sale by 3/1/05. At an estimated after renovation appraised value of around $350k.
I'll post pictures as we get started. Right now we are in the permitting stage of the project.
Between this project, winter landscaping work, and annual contracts it looks like we'll remain busy all year. Now it's time to start looking for that new cabover. Maybe it'll be a nice Christmas present from me to RRS.
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