Front of House
Monte Cristo, Glendale, AZ
Acquired February 2005 / Sold March 2006
HOW I ACQUIRED THIS HOME
The owner of this home had previously sold it as a "lease-purchase," but the potential owner (technically a renter) could not close the deal on the purchase after several years. The house was in "poor" condition and the titled owner could not afford to rehab it. The owner wanted "out" of his ownership position so he and his wife could get it off their credit report and buy a new home.
I was able to give the occupant (who could not close the purchase deal) some money to "leave" the premises. I bought the house from the owner below market value and made it a rental for one year. The housing market was rapidly rising that year and I sold it for $70,000 more than the initial purchase price. I invested $20,000 in the rehab so this was a "great deal!"
THE FRONT PHOTO
This is a block home so the "bones" were in good shape. I added a new shingle roof with some 4x8 replacements. I also added the garage door because the previous owners had closed it in as a room addition. I decided the 2-car garage would hold more value than the make shift room.
