Rental Property Renovation Update: Making Progress on the Compound Rental Property #26
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- Опубликовано: 11 окт 2024
- I bought this property with 3 houses and 1 commercial property at the end of 2019. We inherited tenants for all of the properties and have vacated all of the houses with cash for keys agreements and an eviction. The houses were rented for well under market value when I bought them and we plan to fix them up and rent them for more increasing the value of the property.
We are currently rehabbing two of the properties and will rehab the third once we are done with the first two. I actually had someone stop by to ask if we would be renting the properties while I was filming this video. There are very few affordable rentals in the area and while these will still be more than $1,000 a month they will be some of the cheapest houses for rent in the town.
We also discovered a few quirky things like the sink drain in this house was not going quite where it was supposed to and the cabinets were about to fall down on themselves.
We will have more updates on this property as we go.
You can see the eviction video on this house here: • Eviction Complete on R...
You can see other videos oft he properties here:
• Eviction Complete on R...
• Rental Property 26 Upd...
• Rental Property #26 Up...
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Mark has been a real estate investor and real estate agent since 2001, after graduating from the University of Colorado. Mark has flipped close to 200 houses and routinely flips 15 to 25 houses a year. Mark owns 170,000 square feet of rentals and is the managing broker and owner of Blue Steel Real Estate. Mark has also written 9 books that you can find on Amazon amzn.to/2VGI6a9
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I cant wait to see the final result
Your magic has started. Can't wait to see the final result. Thanks for taking us on this journey.
You bet!
I’m waiting for Mark too come out with that magic wand that just makes it all go away. LOL LOL...
Good luck making this work! 👍👍
Sheds in better shape than the rest of the house for now but I'm sure it will look amazing when you're finished.
Squatters is how get around,they will break in empty homes and move in , and live rent free for by as long as they can before getting found out.
It has great potential I believe. Some people just don't appreciate a roof over their heads and four walls to keep out the cold. They treated that house pretty bad from the way it looks, smhs. Tyfs God bless you
Oh! I don’t know about this one
Ah, the compound w/all its chaos and drama. One day this property is gonna be worth so much that others will say, if only I had bought that land at the time Mark did. Cheers to you.
hope so!
I wanted to see what your crew does to fix these 3 up. Can't wait. 🥰
Enzymes should take care of the bad smell. The enzymes eat up whatever is causing the bad smell. I had a tenant who got arrested and left animals in the garage. The cement soaked up the poop. No amount of bleach or vingar touched poored enzymes and left them a few days. Smell gone. Used dehumidifer if moister was to great. I don't know about mold but it worked for feces and other bad smells.
good to know
I love your videos, and you really do work miracles. I, personally, probably would have just bulldozed this one down. I am really excited to see the finished product.
Thanks for doing these videos
The yard is what I want to see. To make that place a home in that wide open space, boundaries are needed.
Can’t wait to see this one done
me too
You gotta get rid of those ugly tiles. Makes the joint look like a pizzeria.
Have you considered putting up a city code friendly fence along side the road where that metal post and barbed wire one is?
It would cut down on noise and heat Would create an entirely new ambience particularly if you were to plant drought friendly,wholesale shrubs and trees
Would pay off over time. Increase resale value, create an oasis atmosphere and attract a less frenzied renter..
thought about it yes
Have you asked XCEL if they'll run those power lines underground. Might want to get the gas lines mapped out and the sewer lines scoped. Pretty sure one of the conglomerates is going to buy this lot next to the highway. Interesting to watch, thanks!
Thank you 😊 may God bless you in the name of Jesus 🙏
I bet you'll be painting the brick wall between the LR and K. Can't wait to see it finished!
Personally, I hope he tears out that ugly brick wall in the house, it would open it up and give it a new feeling.
Given the location, I wouldn't be surprised if you had midnight dumpers if you left a dumpster there empty. It looks like with the pile of trash from the house you could mostly fill one as soon as it got dropped.
true
TEXAS doesn't want them either!!!
haha
You got that right!!!
Maybe reuse the vanities, cabinets, and fixtures from your other higher end rehabs in these houses instead of buying new ones.
Oh my Goodness I am surprised that place did not burn down, flood, or some other horrible event happen. Ewwwy if they did that with the water for the kitchen sink water, Make sure about other plumbing. Guess you can ask the city about it.
A month? Are you serious? It’s a tip! It will surely take longer?
Compound.
Oh did your son catch any more fish at the river house? Last up date he is up 2, and Dad a great big 0. I really like the River house. Make sure you add a home office in there for your self. That way you can do a few videos right there.
So the sink water just ran down the house? Ugh! If that place was in Florida I can only imagine all the roaches, lizards and rodents that would have climbed up that "drain" and into the house. Ick! I can't wait to see it fixed up.
Are there any defined fence/property lines between the houses and business? How exactly does that work? A bit jarring to see everything open like that.
Is the house insulated?
Triple glass insulation windows as they're now standard here and the noise is gone, but I'm not sure whether the structure of the house will be able to held their weight.
Hi Mark, can you please tell me what agency you used for 1031, I talk to one and they charge $1.5k for each transaction and a reverse one was like $10k, seems very high to me
send me an email mark@bluesteelrealestate.com
Is that interior wall real brick or contact paper brick? Interesting feature either way.
Mark did u ever tho about developing ur enterprise and becoming entrepreneur☺i mean sometimes u "rebuild "the entire house not just rehab so maybe like a complex housing or an office building as a project is costly but also more gainful😉i understand what it takes for a project like that, its not that simple 😅but its an adventure. Somehow i dont feel attached to any of those 3 houses😅usualy i like new project and the transformations but it just doesn t feel like a home for me,but then they are rentals so its okay😊.
Thanks for the video. What about installing a wood fence around each property?
Lol, with the times we are in, you could probably make some money on those old mason jars under the house in the crawl space.
You evicted a month ago during corona?
yup, in colorado
Hey Mark, I acually bought my first probably this month and everything is crazy right now like I learning a bunch of stuff still, I need to know if you think it’s worth it for me to get the 50,000$ loan for 3.75% COVID-19 disaster loan to use it to invest into my second property? I’m 18 and I’m wondering if they will accept me even if I’m a bit younger.. Thanks!
Evicted from the railroad, too? We'll just move to another lot a couple of blocks away. :D
It's like they're not leaving, and that's that. Every lot they go to is eviction for them, only to move a couple of lots away. They're not going to Texas, no matter how many times they tell people they are. They're staying right here, near the compound. This city is stuck with them. The city needs to evict them from the city. Their fines should be considered their rent.
Does that house have septic tank?
I've got 2 full rehabs and was wondering what was the best way to fund them? Is it business credit or should I let them sit until I wholesale some more property?
do a cash out refi on another property to use a HELCO or RELOC. Otherwise make some cash like you say.
The house is disgusting, I hope the previous tenants don't have children or pets, it will look great when you finish it! 😀💖
they had dogs
@@investfourmore Poor dogs :(
Compound. Shit.
Who’s going to pay the rent
tenants
Gross knock it down lol
First!
Rehab it and sell it. Maybe someone can turn it into a viable business. One ugly house.
1031 exchange I can't sell for a while
I love your videos, sometimes I wish they were longer, but you are a busy man. One word of advice: Do not rent to crack monkeys. It will be exciting on what you do with the property.
Best to have torn them down
Then I decrease the value of the property by $300k
They need to find a local homeless shelter to stay at