Real Estate Success Story
Deck On The River
Another real estate success story.
I'm Superman! You can be too...
At least my family and friends think so...
My neighbor complimented me that, "he never seen anyone work as hard as I do".
I'll tell you why further down...
No this isn't a get rich quick scheme.
It's flipping real estate and earning my profit from my labor.
I simply bought another house that needed fixing up, way below market value.
Because it was a bank owned home it was very cheap, but need a complete home make over.
This house is a water front home that needed a full remodel upstairs and the basement needed a drainage system and new basement floor.
I wouldn't have invested in this house if it wasn't on the water, and because it was so bad, no bank financing would approve a loan for this property.
I risked my own money in the house and my work ethic skills.
Credit cards were used to pay for building materials.
What was good about the house was it had
a new roof including new roof trusses, decking, and attic insulation.
So the top of the house was great - high and dry!
There was a 18 x 12 deck over the walk out basement with a fantastic view of the river.
I made a new granite stone fire pit by the waters edge and there is a boat launch just kiddie corner from the lot.
I could see the potential for this house even though the repairs would be quite extensive.
This was a job for a true do-it-yourself home remodeling investor because paying for labor would put me over my projected after repairs sales price.
If I were to sub-contract all the needed home repairs and house renovations, I would have lost money.
Once again, this is no real estate get rich quick scheme!
By doing all the home remodeling myself,
I saved an estimated $50k in labor cost.
I didn't make $50k in profit...
...After a subcontractor pays; all his employees, insurances, and overhead expenses,
at an average of 10% profit for a subcontractor,
he would have only made about $5k.
I earned more than twice the contractor average on this project with about $13k in profit.
It's about more than money!
I created work for myself when many folks in the construction industry are out of work.
I used all my skills in all the trades, and did not have to travel to multiple job sites.
Or as a contractor, dealing with multiple customers and employees.
The beauty is, my fixer-upper was within walking distance of my home. Limiting travel expense with rehabbing houses saves me an estimated $1,000 and 100 hours of time.
That makes my work 100% more enjoyable.
Okay... I'm not Superman, it's just a figure of attitude!
I worked harder and smarter on this project than I ever had working for an employer.
Yet it doesn't seem like work because I love what I do,
and a 12 hour work day flies by like 18 holes of golf for the golf lovers.
That's why this is a true real estate success story!
My Doctor tells me to take it easy because my shoulder is that of a 90 year old with sever Osteoarthritis. Bone on bone with no cartilage. I have that arthritis in the my back as well,
but when I'm working for myself - "no pain - no gain".
I could have gotten disability and Government welfare 20 years ago and quit work. Failure simply wasn't an option.
Yea, it hurts... but I've learned to work with it and I get to take lots of breaks alternating hard and easy remodeling tasks.
This is my "valuable advantage" to be able to invest in a house, fix it up, and sell it for a profit, and I'm in charge.
My real estate mentors are in their 80's, working with pain, but living long, and always have an interesting and motivating
fixer upper to keeping them living. Never quit!
I'm still able bodied working harder than ever with disabilities. I'm used to it... That's determination!
Not quitting is definitely superman qualities.
My mentors are supermen and superwomen.
Nothing stands in their way, their desires motivate me!
This fixer upper sold on December 23, 2010. The day before Christmas Eve, cold and snow!
1) Any time of year is a good time for real estate investing.
2) A down real estate market can't stop me!
3) I can earn a profit in real estate without depending on an employer, in a bad market!
Independence my American Dream come true.
This turned out to be another Real Estate Success Story.
I know I'm not the only one - if I am, than I truly am Superman.
Share your real estate success stories with us, its motivating to know we are working together, even if we are in different States or Countries.
Click on the link below to share your superman or superwoman story, its easy to do and a lot of fun! Your visitors will enjoy them too...