My 2nd Job

Growing up, I saw how you could make decent money by owning and selling property. I always thought that would be pretty easy to do when I was older. Now that I am “older” I realized that it can be profitable but it is hard work too. The first project I was involved in was Wade’s condo in Tuscaloosa. He got a wonderful deal on a condo and while he lived there, we remodeled it so that when he graduated he could sell it and hopefully make some money. One thing I realized from this first small project was that remodeling was expensive, and that new is new to some people. Just because you might want the nicest hardwood and countertops, if it looks new and clean, it is all some people want. Thankfully we figured it out and selling the condo paid off.  Four years later, we are at it again. My title for this is best described as a project manager. You see, as an accountant, I know all the business side of starting a company, what you have to file, etc. So I was given the task of “setting things up” for mom. We knew we wanted to start VERY small and invest as little as possible to minimize the risk. Well, in May a contract was signed, and we were supposed to close about 2 weeks later. Well, a few days before we were supposed to close a tree fell on the house. Great… And the realtor was not at all concerned at the damage it did to the house, and that the holes in the roof were not good, especially since a storm was brewing. Wade threw a tarp over the roof to help not get water in the house and 2 months later we closed. In the mean time we had to get an electrician because the power lines disconnected from the house and convince the seller to give us a credit for the roof repair. Anyway, next week start the actual remodel. We have ordered the carpet, picked out paint colors and figured out what all needs to be done to make this house look its best. We plan on renting it for about 6 months and then sell it in March. Because it was a foreclosure we need to wait until the right of redemption time period is up because it will be hard for a buyer to get a loan. Wade and Jonathan will be doing all the renovations, and while that is going on I have to figure out how in the heck to get renters. That was not in the game plan, but when you are doing things like this, you can never rely on a game plan. I have been given some GREAT advice from Heather Snyder at Montgomery Homes LLC. She has been so helpful!! Here are some before pictures of the house and soon I should have some after! It is pretty rough, but with some new carpet and paint this little thing hopefully can be someones new home!