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A MAN from West Virginia has built up his wealth over the last 16 years through property investment.
In an effort to teach others the same, he shares the details of his projects on YouTube.
Jon Schoeller, a real estate investor, detailed the work that went into one of his house flipsCredit: YouTube/Jon SchoellerEASY FLIP
Jon Schoeller (@JonSchoeller), a property investor and YouTuber, shared the details of one of his home transformations.
In the video, he explained how he wasn’t going to initially film a before and after of the home because he usually posts his biggest and best house flips with the greatest profit margins.
Although the home isn’t the “biggest” or the “flashiest,” he found this flip to be the most relatable and the perfect first time flip because it fits a cheaper budget.
Located in Dunbar, West Virginia, the small home features two bedrooms and one bathroom, and cost him and his wife $50,000.
It is in a quiet neighborhood with well manicured lawns, which he noted is a good sign if you are investing in a property in that neighborhood.
THE RENOVATIONS
Schoeller ended up paying $35,000 for the renovations.
The property’s exterior did not require much work, as “Mother Nature did most of the work for us.”
He did mow the lawn, do some landscaping work, and invest in a new roof for $3,800.
When discussing the roof, Schoeller noted that installing a new roof can go a long way.
“I always suggest if it looks old, go ahead and change it out, even if it’s not leaking. It just looks so much better and makes the buyers feel much more comfortable when there’s already a new roof on it.”
I bought a $145,000 house in the suburbs but I converted it to make $58,000 in profit ‘as fast as possible’.mp4
He proceeded to give a tour of the remodeled interior, which featured refinished hardwood floors and freshly painted walls – renovations that cost $1,500 and $1,300, respectively.
The property investor described the kitchen as his favorite part, which cost $7,000 to remodel.
He removed a wall and island in the kitchen that made the space feel cramped, and went on to add white cabinets, black granite countertops, and stainless steel appliances.
In both bedrooms, Schoeller paid for new carpet, and in one of them, a new fan.
He also paid $800 for a new water heater.
Lastly, the investor showed the bathroom, which he noted did not need much work other than a paint job.
He pointed out how, if the flip had a greater budget, he would have changed the bathroom countertop to match the kitchen countertops.
“In this budget of a house, you don’t have to do stuff like that. And I don’t want to say that stuff like we’re doing things cheaply – it’s just a different type of budget. It’s giving somebody a cheaper house or a cheaper entry point.”
The home sold for $115,000, making for a $30,000 profit.
In other house transformation news, a real estate couple bought a home for $187k but ended up spending over $200k on the revamp.
Also, an investor bought a $145k house and made $58k in profit – his “cosmetic” strategy gets him cash “as fast as possible.”
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This article was originally published by a www.the-sun.com . Read the Original article here. .