I purchased my first investment property on one of the main street of Jenks, Oklahoma roughly a year after graduating high school upon ordering a real estate investment course from an infomercial on TV. Using the information provided in the course, I was able to find a home for sale by owner at a price of roughly $67,000. (An accomplishment the local realtors had told me would be “impossible”.) I brought in a realtor to help close the deal which had been a bumpy purchase process because of my age and lack of experience, but it ended up being nothing compared to what came next; remodeling the house! For starters I knew just about nothing about remodeling a home. But that was about to change. The home needed many issues addressed. Although I took pictures of the “master bedroom” bathroom, I always regretted not getting pictures of the main bathroom remodel.
The main bathroom had been in such bad shape that I ended up removing the entire bathroom, including the floor. In other words, if you were to open the door at that phase, you would be looking down at dirt. I built a new sub floor, installed a new tub, toilet & sink with the help of a plumber, laid down tile, and put up sheetrock and light fixtures. Other major aspects of the home remodel included installing vinyl siding on the exterior of the home, new carpet and paint and installing central heat and air. Those large jobs, combined with an array of punch lists tasks set the stage for what ended up being a big undertaking.
During that process I also obtained my realtor license and ended up selling the house myself. What I didn’t know at the time was that I had bit off more than my wallet could chew. My lack of investing experience had resulted in an over-remodeled home with a market value that left no room for profit and I ended up selling the home at a loss. Although I wasn’t financially rewarded for my hard work, the experience had given me a valuable education to build on. Using what I learned from that first house, I went on to create Utica Remodeling Company. I look back on that experience and see it as the price of my “tuition” for the real estate school of hard knocks. Although the endeavor hadn’t turned out as planned, I was still proud of what I had done. There are still days when I drive by that house and am reminded of the memories & learning curves of my first remodel.