You guys God is so good! We sold our townhome before we could even put these signs up, lol. Talk about faith! We were so nervous to list our town home smack dab in the middle of December because of the holiday season. The market slowed down and November was the lowest sales in Vegas. OMG! We thought we were screwed. But to our surprise, we got three offers within 2 days of listing and we decided to take the best offer.
What we learned: When we bought the townhome we used the VA loan since the hubby served in the Marines. (Yes, he was a pretty bad ass 0331 machine gunner). Right off the bat we were hit with a $236 water bill. The inspector did not catch the leakage when he checked the water meter... If he even checked it. Ugh! We had a few plumbers come and see what the problem was and it was due to a leak in the front. We ended up having to pay $4,000 to get that fixed. Talk about FML, moment. That was a really stressful time for us. Being first time homeowners, we didn't know what the heck we were doing.
The townhome was a fixer upper because at the time, it was all that we really could afford. I was a cocktail server (Suga Mama) and going to school for my MBA and Scottie was a stay at home dad, fresh out the Marine Corps. Why did we even purchase if we were only on one income? LOL! We were nuts but wanted that American Dream of being home owners. All we could afford was a $150,000 through the VA. But we are so thankful that the market in 2014 was affordable. The townhome smelled like hot spices and the carpet was drenched in dog piss. But we saw the potential in this townhome. We loved the location and the first thing I wanted was to make sure the boys had a great school. When we bought the place we ripped the carpet out ourselves and lived on bare concrete for awhile. We hired some people to help with the laminate floors upstairs. We tried to do it ourselves, but we failed, lol. Our kitchen was a hot mess. Everything was just outdated and not our style at all.
Every month as we saved money and we eventually bought new appliances, painted our concrete floors downstairs until we could afford tile. Scottie also slowly chizzled away at the tile in the kitchen and the dining area. Our townhome looked like a hot mess. We never invited anyone over because we is a hot mess, lol. The funny thing is, is that we even tried to cover our laminate counters because they were an ugly creamish pink color. We tried to cover it with the thin layer of leveling cement to give that cement look and that was such a hot mess. It turned out so ugly, I wish I had pictures to show you, haha! After 3 months of living with the ugly concrete counters, we were finally able to afford white quartz countertops with the sparkles in them. Its my favorite and in any home I live in, I plan to buy those for my counters.
Over the years living in the townhome, I eventually started work at Zappos and Scott was going to school to become a nurse. So you know we never really had the time to fix the place up. We knew we outgrew the place a year after living there. Not going to lie, we have a lot of crap we don't need. This year *crossing fingers* we will declutter our lives, lol. Eventually we painted the house and added new sinks and faucets for the bathrooms. We love the modern taste so it was fun to shop for unique items. I installed the half bath sink and faucet myself and I felt like an OG, lol! After 4 years of living in this townhome and Scott finally becoming a nurse, we decided to buy a single story home with a backyard and pool for the boys. We found a home and closed July 31, 2018. We thought it would take us about 2 months max to renovate the townhome and sell. However, both of us working full time and trying to be cheap got the best of us. We still had a lot of renovations to do. We kept going back and forth, do we sell or do we rent. We decided to sell because the equity was amazing for us to start building our investing portfolio.
Since he won, his bragging rights was for me to bow down to him and he wore a crown, lol.
We finally got all our renovations done slowly. We hired friends to help with the tiling and painting. After paying 7 months of double mortgage it made me want to blog about our mistakes. What we would have done and moving forward we would renovate while we live in the home, sell it, then buy. We did it so opposite. But that's what is amazing about life, you learn from your mistakes.
I am so obsessed with the renovations I even thought about moving back in, lmfao!
I don't know why, but I love Redfin and seeing our townhome be a HOT HOME, felt really cool, lol.
List date: Dec. 10, 2018
Accepted offer: Dec. 14, 2018
Funded and recorded: Jan. 16, 2019
(we were supposed to be funded last week but the buyers wife was out of country and in the state of Nevada both parties have to sign at closing. So we had to wait for a mailed copy of her notarized signatures)
So Scottie and I have an interest in many investing opportunities. I am going to list what we plan/want to do:
1. Flip manufactured homes in Las Vegas.
2. BRRRR (Buy, rehab, rent, refinance and repeat) out of state. Either Indiana, Kentucky, or Ohio are the top three choices.
3. Syndicate on multi family apartments.
4. Invest in a gym in California.
5. Invest in mobile homes.
6. Invest in storage units (lol, its one of the best ROI's because you have low overhead)
7. Vacation (my dream) lol, but we are taking the kids on a Disney cruise this summer.
So the juicy part... NUMBERS!
Purchase price: $148,000
Renovations: $30,000 ($15k during while we lived there and $15k after we moved out)
List price: $240,888 (they always say 8 is a lucky number)
Sale price: $243,000
Total Gross Revenue: $92,131.97 (after closing costs and fees)
Minus renovation: $92,131.97-$30,000= $62.131.97
Minus tithing: $62.131.97-$6,214.00= $55, 917.97
Total Net Profit: $55, 917.97
Our goal is to invest it in a few of the 7 ideas above. Stay tuned to see what we end up doing. Also, thanks to our realtors Aunty Coco and Uncle Dan for doing our third deal in a year. Plus a huge shout out to the man above. Without our faith we would be no where. Woohoo! Thanks for reading to the end, dude! =)