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Week 2 update – Jan 8, 2018

Posted by Max Properties LLC on January 9, 2018
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This past week my goal was to buy 3 properties but I was only able to acquire 2 which is a little disappointing. I got outbid on a property that in hindsight I should have big higher on. Hindsight is always 20/20. Good lesson learned for next property.

So the two properties I acquired this week are very similar in the sense that they are both 3 bed/1 bath with detached 2 car garage. Both the properties are in Hammond, IN. One of them is vacant and the other is occupied.

Oak Crest Lane

This is the vacant property. When I looked at the property it appeared to have new roof but my contractor and I couldn’t be 100% sure as the roof was covered with snow. This is what our Scope of work will look like:

  • Demo
  • Service garage door and motor
  • All new windows
  • New paint and flooring throughout
  • Update plumbing
  • Service furnace and AC
  • Update electric
  • Update bathroom
  • The kitchen cabinets appear to be in decent shape so we might refinish the cabinets to give it more modern look.

177th Street

This is the 2nd property that I purchased last week. I overpaid a bit more for this property than I was anticipating but the competition for the properties seems to be very fierce. This property is occupied by tenants. The property appears to be in decent shape overall but does need cosmetic work and some mechanical work done to it. It is on a cul-de-sac and has a very nice size yard which is great for families.

The property is close to an expressway which is great for someone commuting to Chicago or some other suburb for work.

Same situation with roof for this property as Oak Crest. The roof appears to be in decent shape but not 100% sure about it until the snow melts.

This is what our Scope of Work will look like for this property:

  • Demo
  • Service garage door and motor
  • New paint and flooring throughout
  • Update plumbing
  • New furnace and AC
  • Update electric
  • The bathroom appears to be in pretty good shape so there shouldn’t be much we will need to do here
  • The kitchen cabinets appear to be in decent shape so we might refinish the cabinets to give it more modern look.

Here are some pics for reference:

We are not planning to start the rehab of either one until Feb at least since we have few other projects that we are catching up on from last year.

Please feel free to ask any questions you might have in comments or through Contact Us page of the website.

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