Keep. It. Simple. Stupid. Love it! If you follow this you will be the man (or woman)! In real estate, some of the hardest decisions are the simpliest. What? How? Hardwoods vs Carpets. Deck vs. Patio. Cost vs. Value. How do you choose? It can be tough. One thing I have learned and DEFINITELY still learning is to set the budget EARLY and STICK TO IT.
Keeping it simple kept it simple. Funny how it makes sense. The project we will feature this week was/is exactly that. Location was perfect. So we had that as a HUGE advantage. We had square footage. HUGE advantage. We had a plan. HUGE advantage. We had a renter before starting the work! HUGE advantage.
The cool thing about our projects now are that we have a list of people waiting to RENT anything we put on the market (without seeing the finished product first). We take a product that someone has destroyed or mistreated and make it OUR own. People are starting to realize our product is superior to ANYTHING on the market. Test me!
I'll give you a few details on the current project but first.... Many of you are new to following Providence. That's fine! Welcome to the team. Thank you so much for taking the time to follow us!
You thought the NY Yankees were a dynasty. We're going to take it to the next level. Why? Because we care about YOU achieving financial freedom through investment real estate! That simple.
Here are the quick stats on our latest property....
Purchased date: 10/28/2009
Purchase Price: $36,000
Initial Budget: $16,000
FINAL COST : $14,000
TOTAL Invested: $50,000
Current Market Value: $89,900
PROFIT OF ((((( $39,900 ))))))
OR
RENTED FOR $750 (Lease will be signed 11/26/2009)
Do the math.... That's HUGE Cash flow!
Mortgage with taxes and PMI: *** $346.39 ***
CASH FLOW OF $403.61/mo or $4843.32/yr
How do you like them apples?
Follow me to financial freedom! This is what we do on a day-to-day and house-by-house basis. Pictures coming soon!
ASK QUESTIONS PLEASE or email me personally. joshua.fannin@providenceNC.com
http://www.providencenc.com/
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the work they do to these houses is amazing. i have been to this particular property, and it does beautifully. costum kitchen, beautiful tile, quality carpet; top notch. not to mention the fact that it was rented out before renovations even started. his houses do go fast.
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