December 3, 2021
Project Update: We bought this house As Is and Turned it into a great rental
This was a property we bought awhile back and have now completed the rehab. We turned it into a nice rental and already have a family lined up to lease it. In this video Steve walks you through the property and shows you how it turned out. Check out the video or read the video transcript below.
I’m here at a property we bought a while ago. I did a video on it when we actually bought it. The seller was trying to sell it through a realtor on MLS, and he had it under contract like four different times and the homeowners kept pulling out of the contract for various reasons. Possibly appraisals and other issues they found with the inspection report. Then Hurricane Ida hit and the property got damaged even more. He was done with trying to sell it through MLS and he reached out to us and we bought it for cash in as is condition.
We’ve got it ready for rental. We don’t rent out properties ourselves, we use a property manager. We use Pelican Realty, so they’ve got it advertised. We actually have a tenant approved and they’re moving in soon, so it needed a bit of a rehab. The rehab wasn’t massive as the property wasn’t in terrible condition. We put in some new countertops, and also got rid of the fan to put in some light.
If you’ve seen our previous video of this property, you will recall that the air conditioner was on the floor. He was halfway through changing the air conditioning. He actually was putting the wrong type in. I believe it just may be part of the reason he failed inspections, so we’ve got a new ac unit in.
Hurricane Ida did some damage to the roof and it affected the ceiling. Water was coming in through the ceiling, so we had to fix the ceiling. We also painted and fixed the place up.
Now, it’s a nice rental. It’s a four-bedroom property with two baths. It’s on the West Bank of Jefferson Parish in Marrero. A new family is going to come in and enjoy it. And our seller was able to move. As we said, it was unsuccessful through the MLS just due to its condition and look don’t get me wrong, I’m not against listing a property on MLS and I’ll recommend you to if your property is in good condition and you have time to wait, list it on MLS, a home buyer who is emotional and wants to live here is always going to pay more. They’re going to use bank financing and they’re going to stretch themselves. So, if your house is ready, in good condition and ready for a realtor you should absolutely do it but in this case, it just wasn’t good enough. Although it wasn’t in too bad a condition, the inspection reports kept failing.
It’s been under contract four separate times. That’s another problem. When it’s under a contract with a home buyer like you, it doesn’t mean it’s sold as it still needs to pass the appraisal. They also still need to get the inspections through. So those are issues you can avoid when dealing with us. We buy and pay cash, so we don’t have bank inspections nor appraisals to affect the deal.
We are really easy to work with and we can close fast. I can’t speak of other people, but for us, if we contract your home, it’s going to sell and it’s going to sell fast. It’s going to be easy and we don’t mind the condition, so that’s the benefit of selling to someone like us. But like I said, if you have time, you can wait, and it’s in good condition, sell it to a realtor and get that top dollar. But otherwise, we’re here and if you ever want to discuss your options, just give us a call or visit our website, homebuyerlouisiana.com. We have a lot of information on there about selling your house and the different options that you have. You’ll also see case studies, and the like so just let us know.
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