ERBtheGREAT Posted December 11, 2016 Report Share Posted December 11, 2016 I remember some people wanted pictures, just finished 2 weeks ago and signed the lease. Total cost for house and all renovations, just under 23k. Have it rented for 650 per month and tenant pays all utilities. Should be all profit in just over 3 years from now. Heading over to finish a tiny bit of work, I'll post some pictures then. Quote Link to comment Share on other sites More sharing options...
BranchDavidian Posted December 11, 2016 Report Share Posted December 11, 2016 Way to go ERB. Get that money working for you, so you don't have to work for it! I've bought and fixed-up a couple and then rented them out. But, with the real estate market as hot as it is right now, my daughter and I decided to try flipping. We just finished one that took a long time, ( bought it about the same time you started your thread, about 8 months ago), but it sold the day we listed it - and now we are looking for another one. Quote Link to comment Share on other sites More sharing options...
ERBtheGREAT Posted December 11, 2016 Author Report Share Posted December 11, 2016 Congrats Branch. I was lucky the house was in pretty good shape, I could easily double my money and more if I sell but I think I'll rent it for a while because I have a great tenant currently. Quote Link to comment Share on other sites More sharing options...
Cop Posted December 11, 2016 Report Share Posted December 11, 2016 Nice work Erb Quote Link to comment Share on other sites More sharing options...
Chickadee Posted December 11, 2016 Report Share Posted December 11, 2016 Good job ERBlooking forward to some pictures Quote Link to comment Share on other sites More sharing options...
Guest boatboatboat Posted December 11, 2016 Report Share Posted December 11, 2016 Good (no great) for you ERB!!!!! Get you another one in 3-4 years and build build that empire!!! Nice work Quote Link to comment Share on other sites More sharing options...
Chickadee Posted December 11, 2016 Report Share Posted December 11, 2016 ERB maybe you should buy a shack in Maine and rent it out to Wade. Quote Link to comment Share on other sites More sharing options...
Smoke Posted December 11, 2016 Report Share Posted December 11, 2016 ERB maybe you should buy a shack in Maine and rent it out to Wade.Wade would be evicted after a month chickles Quote Link to comment Share on other sites More sharing options...
Teddy kgb Posted December 11, 2016 Report Share Posted December 11, 2016 Good job ERB.....is there an original thread for what you've done? I'd like to read it Quote Link to comment Share on other sites More sharing options...
Chickadee Posted December 11, 2016 Report Share Posted December 11, 2016 Good job ERB.....is there an original thread for what you've done? I'd like to read it Here teddy http://forum.thegamblingforum.com/index.php?/topic/20139-house-project-part-ii/ Quote Link to comment Share on other sites More sharing options...
Dingo Posted December 11, 2016 Report Share Posted December 11, 2016 Nice return on equity Quote Link to comment Share on other sites More sharing options...
Sharp Square Posted December 11, 2016 Report Share Posted December 11, 2016 Great work and Congrats Erb Quote Link to comment Share on other sites More sharing options...
Teddy kgb Posted December 11, 2016 Report Share Posted December 11, 2016 Here teddy http://forum.thegamblingforum.com/index.php?/topic/20139-house-project-part-ii/Thanks Chick.......that one was titled part II....in part 1 does he say where property is located? Seems too easy, what's the catch? Quote Link to comment Share on other sites More sharing options...
Teddy kgb Posted December 11, 2016 Report Share Posted December 11, 2016 If I could buy houses for 20k, put in 5k more and rent for $650 I wouldn't stop buying houses and renting them out.......are these located in hurricane zones? There's gotta be a catch, if not I'd go buy 5 right now.. Quote Link to comment Share on other sites More sharing options...
The Dark Man Posted December 11, 2016 Report Share Posted December 11, 2016 Nice work Erb and Branch. Keep on going!! Quote Link to comment Share on other sites More sharing options...
Cop Posted December 11, 2016 Report Share Posted December 11, 2016 If I could buy houses for 20k, put in 5k more and rent for $650 I wouldn't stop buying houses and renting them out.......are these located in hurricane zones? There's gotta be a catch, if not I'd go buy 5 right now.. I think its in Wilkes barre PA. Hood but that's where you get the deals Quote Link to comment Share on other sites More sharing options...
BranchDavidian Posted December 11, 2016 Report Share Posted December 11, 2016 If I could buy houses for 20k, put in 5k more and rent for $650 I wouldn't stop buying houses and renting them out.......are these located in hurricane zones? There's gotta be a catch, if not I'd go buy 5 right now.. No hurricane zones. Property values here is western MIchigan are comparable to what ERB finds in Pennsylvania. Many homes needing repair can be found in the $20,000 to $40,000 range that are worth $80,000 to $100,000 if fixed up properly.I know I could never do this in New York or California where property values require a millionaire to pay for a light fixture. Quote Link to comment Share on other sites More sharing options...
Chickadee Posted December 11, 2016 Report Share Posted December 11, 2016 Thanks Chick.......that one was titled part II....in part 1 does he say where property is located? Seems too easy, what's the catch? I think part one was ERB buying the house from a foreclosure. I'm pretty sure that it's located in New Jersey in a blue collar area? Quote Link to comment Share on other sites More sharing options...
Chickadee Posted December 11, 2016 Report Share Posted December 11, 2016 No hurricane zones. Property values here is western MIchigan are comparable to what ERB finds in Pennsylvania. Many homes needing repair can be found in the $20,000 to $40,000 range that are worth $80,000 to $100,000 if fixed up properly.I know I could never do this in New York or California where property values require a millionaire to pay for a light fixture. At least you have areas of the country where RE is affordable and you can make money by doing work.In Canada the place ERB listed even in the shittiest of neighborhoods would likely go for north of 200k CAD Quote Link to comment Share on other sites More sharing options...
ERBtheGREAT Posted December 11, 2016 Author Report Share Posted December 11, 2016 Part 1 may have been my own house, not sure. Both houses are in Pensylvania. I'm currently searching for another project because I get so bored just sitting home after work. Quote Link to comment Share on other sites More sharing options...
Chickadee Posted December 11, 2016 Report Share Posted December 11, 2016 Part 1 may have been my own house, not sure. Both houses are in Pensylvania. I'm currently searching for another project because I get so bored just sitting home after work. Wait till you get a wife and kidsfree time will be become a thing of the past Quote Link to comment Share on other sites More sharing options...
BranchDavidian Posted December 11, 2016 Report Share Posted December 11, 2016 At least you have areas of the country where RE is affordable and you can make money by doing work.In Canada the place ERB listed even in the shittiest of neighborhoods would likely go for north of 200k CAD Yessir. We poor hicks in the back-country have to have some advantages! Our paystubs are tiny, but so are our expenses. Quote Link to comment Share on other sites More sharing options...
bookbraker Posted December 11, 2016 Report Share Posted December 11, 2016 I think its in Wilkes barre PA. Hood but that's where you get the deals Correct. Certain areas of Wilkes Barre are huge flood zones as well near the susquehanna river which floods. Quote Link to comment Share on other sites More sharing options...
ERBtheGREAT Posted December 11, 2016 Author Report Share Posted December 11, 2016 Correct. Certain areas of Wilkes Barre are huge flood zones as well near the susquehanna river which floods.True, glad my neighborhood is out of the flood zone, I imagine insurance is super expensive. Quote Link to comment Share on other sites More sharing options...
Gabe Posted December 11, 2016 Report Share Posted December 11, 2016 Erb mad props man. I am rooting for you and want you to succeed. Keep us posted. Quote Link to comment Share on other sites More sharing options...
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