7 minutes to read

Purchased a Primary Residence. Here are the Pictures.

I still don’t feel like writing so I figured I’d just share the pictures of my future home. Eventually I’ll write in length about how I evaluated this property…maybe…so if you are interested be sure to sign up for the blog using the subscription form on the right side of this site.

I received word today that my offer of $153,000 was accepted by the seller…right on time. I gave the seller until 5pm today to accept. It was a different type of foreclosure but a foreclosure nonetheless. The price was non-negotiable because the listing price was subject to HUD listing guidelines for properties that were foreclosed because of the death of a “reverse mortgage” mortgagor.

The weekend trip to acquire the property was pretty efficient. I knew the area in which I wanted to purchase because my lady, LaTisha, and I visited last weekend the area last weekend, scoped it out, and was prepared to rent in the same neighborhood for $1,550 monthly.

However, I came to my senses and realized that I could get a mortgage for only $800 if the price on a home was right and could instead use my own money to fix up a property to my liking. So, I made sure that my purchase price met the 1% rule for real estate investing, just in case I can’t sell this property in the future, and I made an offer.

Note: The 1% rule states that you should be able to get at least 1% of the home’s value as rent. In other words, a home with an appraised value of $153,000 should  yield $1530 in rental income.

What’s good to know is that the average rents in the area in which I bought is $1,700, yielding me about 1.2% in future rental income with the property as is. By the time I make necessary upgrades and changes the property should increase in appraised value by another $25k. While this is a primary residence for now, I no doubt kept these numbers in mind as if this was an investment property that I just so happened to also live in.

Once I get into the home,  I’ll have to change out the carpet in the bedrooms, replace some of the carpeted areas (such as the formal dining room and bathrooms) with 18″ ceramic tiles, refresh the paint with a neutral beige, upgrade the cabinet hardware, and replace the appliances with stainless steel. Hopefully, I won’t have to spend more than $12k for the upgrade, including labor.

This is definitely a great find. The middle school, city recreation center, performing arts center, police and fire station, walking trails, and a stocked fishing lake are all within a 5 minute walk of the house. A large mall and plenty of restaurants are up the street, and there are plenty of grocery stores, including Target, Kroger, and Wal-mart within a five-minute drive. This is a classic “location, location, location” property. 🙂

I’m super excited to start a new journey into a new home really soon.

Front of Home

Front of the Home; 2 Car garage; 1,955 Sqft; 4 bedrooms, 2 baths.

Backyard

Backyard looking at the middle school and the recreation center.

Backyard looking to house

Backyard looking to house

Back screened porch

Back screened porch

Formal dining area

Formal dining area

Two car garage

Two car garage

Kitchen cabinets looking at the sink area

Kitchen cabinets looking at the sink area

Kitchen cabinets looking at electric stove

Kitchen cabinets looking at electric stove

Kitchen Pantry

Kitchen Pantry

Living Area

Living Area

Master bedroom

Master bedroom

Master bathroom

Looking into the Master bathroom. Carpet? Really? Yuk!

Mater bathroom pic #2

Mater bathroom pic #2

Master bathroom pic #3

Master bathroom pic #3

Stairs to Bonus Room

Stairs to Bonus Room

Bonus Room

Bonus Room

Bedroom 3

Bedroom 3

Bedroom 2

Bedroom 2

 

Comments

  1. Bullseye! Well done.

  2. Beautiful home Romeo. I’m also creeped out by carpet in the bathroom lol. Congratulations!

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