I was 5 months pregnant. Buying another project right now was at the bottom of our to do list, but all the sudden, there it was in blinking lights “A NEW LISTING”. I knew the area well. Too well. I knew that moderately priced homes in this school district were few and far between. We made a quick decision to look at it on the way home from work that night.
When we pulled up there was activity. It seemed like the owners were moving out. Or something. Lots of people, trucks and boxes. My handy real estate agent bounded up to them, announced herself and said we had a scheduled showing. Turns out, these were tenants. They could have cared less. The owner was there though, she would wait on the back deck while we looked. Before we even got up the steps to the front door, our senses were assaulted. Nicotine. And animals. The carpet was at least 40 years old – maybe even original to the 1960’s house. The walls had the same tell tale nicotine drips of the last one. It was completely dated. The roof was bad, the windows were worse. The kitchen and baths were original. I got goosebumps. I could see it though – it had solid bones. On our way out, we passed a line of agents and clients who were waiting to get in. I inwardly grinned and cringed. I knew the area was hot, but this hot and we’ll end up in a bidding war!
We made an offer the next day. Cash. Quick close. It was aggressive but we presented it with the laundry list of things to do to make the house livable for another family. God was on our side and she agreed to our offer.
This one we’d have to do different though. Remember, I’m 5 months pregnant. I assured Rob that I wouldn’t do any of the work myself. That means that I had to find contractors and quick. I interviewed a few and then came back around to an old family friend. He agreed to do the work and before I knew it, walls were coming down! It took us 12 weeks, but we renovated every inch of that house. I even managed to have a baby in the middle of it! We put it on the market in the fall and within a week we were under contract. Due to multiple tangible and intangible factors, we only made about 7% return on the house. Profit, but not as much as it needed to be to make a go at this.
