Video of Rental Property Number 9 and My Latest Fix and Flip

18 Feb
Video of Rental Property Number 9 and My Latest Fix and Flip

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my 9th rental propertyOn Friday February 14th I closed on rental property number 9!  I took a video of the home today and you can see it right here; Video of rental property number 9.  I also purchased a fix and flip last month that I took a video of a few weeks ago that I am finally getting around to posting.  You can see that video here; Fix and flip.  Enjoy the videos and if you want more information on the properties please keep reading!

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How much did I pay for rental property number 9 and why?

Rental property number nine was listed for $134,900 and I noticed the home within hours of it being listed on the MLS.  The most money I had ever previously paid for a rental property was $115,000 for rental property number 6.  The reason I was interested in rental property number 9 at a much higher price, was our market has taken off!  It has been very difficult finding anything close to my buying criteria.  I have been forced to look at higher priced homes and hope the sellers will negotiate more.  When I saw this home in person I was very pleasantly surprised by the condition of the home.

Details on rental property number 9

Rental property number 9 is a ranch style home with 4 bedrooms 2 baths and a 2 car attached garage.  The great part about the home is it has new windows, nice hardwood floors, a newer kitchen with all appliances, newer bathrooms and very little work needed.  Most of my homes require at least $10,000 in repairs and many much more than that.  This home should need less than $2,000 in work at the most and be ready to rent.  The home has a very open floor plan and one of the bedrooms upstairs is actually two bedrooms that were converted into one.

What will rental property number 9 rent for?

Rental property number 9 should rent for $1,300 although our market is still incredibly tight for rentals.  I have heard of people getting crazy amounts for rentals in our area, but I am not getting my hopes up.  There is absolutely nothing for rent or for sale in our area and that has been pushing prices up for both rentals and sales.

Did I still get a good deal on rental property number 9?

I think I still got a great deal on this home, even though it was priced more and I bought it for more than my other rental properties.  In the first day they had three offers on the home after I had submitted my offer.  I initially offered around $118,000 with the seller paying $2,000 in closing costs.  After hearing of the multiple offers I raised my offer to $130,000 and decided not to ask for any seller concessions.  The seller ended up countering me at $133,000 and I accepted!

Why did I pay so much more for this rental property?

This home is still a good deal even though I paid more than I have for any other rental.  The rents may be similar to my other rental properties, but this home needs virtually no repairs.  Having to do minimal repairs gives me a couple of huge advantages over purchasing a home with repairs.

  • I don’t have to wait for the repairs to be completed!  I have 4 fix and flips and rental property number 8 still being worked on by multiple contractors.  Saving time is saving money!
  • Even though the home cost more money I am putting less cash into the home, because I pay less money in repairs.
  • This home was still purchased below market value.  I estimate I could sell it for $150,000 or more with very minimal repairs.

Fix and flip purchase

I bought the fix and flip in January and it has been sitting there waiting for us to work on it since!  That’s not exactly true, we are waiting for a well permit to be approved on this home.  This is not an easy fix and flip deal; this home needs a lot of work!  I bought the home for $75,000, which is dirt cheap for a country property with 4 acres, 1,100 square feet, outbuildings and a quonset hut.  The problem with the house is it was advertised with no well or septic system.  I made an offer the first day it was listed and quickly got the home under contract.  It turns out the property has a well and septic, but they have not been used for quite some time.

It is a really good thing the house already has a well, because it makes it much easier to re-drill the well.  If there was no well on the home, they only way to get a well permit is to show there is no other water available to the home.  There is district water available at a cost of $45,000 for a water tap!  The well should cost less that $15,000 for a re-drill and all new equipment.  The rest of the home needs completely remodeled as well and that is why it was so cheap.  I could easily see spending $40,000 on repairs on this home, but it may be worth $175,000 when it is all done.


I am going to keep buying fix and flips and hopefully sell a few as well!  We actually have a closing set for one of the fix and flips this week and another property is under contract.  Rental property number 9 gets me closer to 100 properties and I will have news soon on number 10!

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  • matt
    Posted at 20:05h, 18 February Reply

    Nice Mark, looks like a winner,

  • Rhoan Scarlett
    Posted at 22:21h, 26 February Reply

    Seek and you shall find and with your determination there is no stopping you. Congrats on your dreams and your accomplishments.

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