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A Little Insight to the Real Estate Business
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Each new project that we take on has its own particular story. Each time we embark on a new project, there is a new energy! We get to look ahead for the finished product, and we get to imagine the family that will be buying from us and their stories. Maybe a single mom who is so excited to find her forever home. It could be an elderly couple who needs to downsize because of a life-altering financial change. These particulars are what make Real Estate Investing fun and exciting. Every once in a while, we get to take on a property that has a little more sentimental value, and the property on Eton Dr. in Columbus is one of them.
It just so happens that I grew up in the neighborhood. I knew the older couple that lived in the house since being built in 1962. When they passed on, it went to their oldest son, and when he passed, it went to his niece, who I bought it from. Because of the background story of this house, I have decided to share the entire process of buying, rehabbing, and selling this property throughout a few blog articles.
Virtually one family owning this house is a good and bad thing. The good part is the house is in great shape because not much moving in and out has taken place over the years. The interesting element was the number of belongings left behind. This is understandable because ownership changed down two generations, and many personal belongings became less personal. You will notice the clutter in the pictures from this article. Things were a little better when I took ownership, but not much.
So what to do first? You guessed it. CLEAN IT OUT! The clean-out took place the week before Christmas, and I’m here to tell you, if you ever need junk hauled, I would thoroughly recommend JDog Junk Removal and Hauling. Nick is a great guy, and his team did an outstanding job and quickly too. You will see this from the photos as well.
Our plan moving forward is to replace several light fixtures, switches, and receptacles. Paint the inside and outside. The outside is mostly brick, which helps with the painting cost and resell. We have to replace the water heater. The previous owner installed a tankless that was cheap. So we will go back with a tankless but more reliable one. Replace the “ancient” stove! The floor is updated in the living room and hallway with floating wood planks. The bedrooms and the addition will need new flooring because of the old carpet in these rooms. Matching the wood planks from the hallway shouldn’t be too hard. So we will add them to the bedrooms. There is a slight elevation change going into the addition, so going back with carpet in that room will help with that issue. After all of that, it will be time to sell! So look for the next blog posting, and we will update you on the Eton Dr. progress. If you have a property that is giving you trouble and you would like to talk about selling it, please visit 1322columbus.com or you can just give us a call.
If you would like to learn more, about how you can invest in projects like this one please fill out the form below, and we are glad to send you a PDF on becoming a Hands-Off Investor in Real Estate. Don’t forget to sign up for our email list either; that way, you will know each time new information is available. Who knows, you just might find the financial spark you need that will change your investing future forever. If you have any questions or comments, you can leave them at the bottom of the page.
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