Thursday, September 14, 2017

Debt Free Real Estate Investing - $12K House - DEMOLITION - Full Renovation

Working hard is hard work, whether you're mining coal, fishing for lobster, sit in a cubical all day, dig holes or renovate houses. I'm no stranger to working hard and it has earned me some great opportunities, but working hard alone is a fools game. You've got to add some "working smart" into the mix. Trading hours for dollars is a great way to get money, but don't just spend it on your bills and toys, invest as much as you can towards creating passive income. Real estate is a great vehicle for creating wealth. It offers so many options, selling and renting being the obvious choices. I'm currently buying inexpensive (dirt cheap) properties with a goal of building a rental portfolio that replaces the need for me to work daily to make an income. Once I have enough monthly cash flow, I plan on shifting my attention towards more expensive properties either commercial rental or flipping nice homes. For now, I'm building the foundation that all the rest will rely on. In this project, I purchased a cinder block house for $12,000. I'll put around $10k in the property and either rent or sell it once the renovation is complete. If I rent I could gross $6k - over $7k a year. If I sell I could profit around $20k, maybe more. The decisions are still in consideration. The video below shows the first major step of the renovation, gutting the house. The demolition took several days, this video shows it in only a few minutes. Enjoy.


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