My first house is a 784 square foot, 2 bedroom, 1 bath home in a neighborhood built right after WWII. For all intensive purposes we’ll call it house #1, since there will be plenty more in the future.
I purchased the house in November of 2011 for $37,000, the zestimate on the property was about $66,000, the Assessed value was approximately $66,000 and nearby comparable properties were selling for about $70,000 at the time. This left about $33,000 in potential equity, minus expenses to fix up the house. Since there were no major structural issues with the house, I decided to make the purchase and do most of the work myself. You can find full details in the expenses, time spent on the project, and project details on this page. I hope you learn a thing or two about fixing up a house, and take the plunge yourself! Once the property is fixed up it will be used as a rental property and I’ll move onto the next project.
See Images of the House via the Flickr Photo Stream
Timeline for House #1
Timeline of Events – See in detail, along with finances of the timeline of the house as projects progressed and the mortgage was paid off.
Total Expenses and Time Spent on the Project
This is a full breakdown of expenses I incurred while fixing up my house, along with an estimate of time spent on the house. See the full list of expenses for fixing up the house here.
A Breakdown of Projects by Room
House #1 has 5 rooms on the main level, an unfinished basement, exterior (of course), and detached single stall garage. I’m providing cost breakdowns, estimated time to completion, and things I learned along the way for each of the “rooms” of the house. See a breakdown of each room, showing what was done here.
Turning the Property into a Rental
My first house is eventually going to be a rental, so as I go through the process I’ll be covering a few things which include:
-going through the rental weatherization process
-creating a lease for the first time
-finding my first tenants
-how much should i rent my house for?
What I learned from House #1
Read about the things I learned from purchasing my first house, along with it being a bank owned property.