$12,000 Fixer Upper House // Renovation Demolition + BONUS!

[@Triosfrios]

This is the hardest working guy in the construction businness! You guys should see the other video he has about this house. Amazing!

[@christopherbeni5048]

Rent that house. You can make all the money you spent on it back within 2.5 years. You are so damn talented, it's insane. Thanks for sharing your projects with us; I absolutely love watching your videos!

[@thehomesteadcraftsman8975]

That is the only reason I don't want to sell....and dealing with people of course. I may end up renting, but I've got a bug up my butt to do some selling, if I sold the house I'd have all my money back plus profit, maybe $40,000 or more, I could roll that into another one with higher profits and so on. In the time of a year, I could end up with # $100,000 in profits from doing this stuff.....that would be a big deal to me. Once I get to that level, I'll be able to do some big stuff. With that said, I like getting rent....but it is a bit of a job. We'll see. Thanks for the comment.

[@christopherbeni5048]

The Homestead Craftsman I hear ya. The only downside to taking on a much bigger fixer upper is...there's only one of you. The larger the house, the bigger the investment and the longer it will take to flip. Although, holy cow those kind of profits would be insane and certainly be a change of scenery. I'm stoked about you finishing the $12K house. I can only imagine you buying a $100K home, gutting it, then doing a seriously bitchin' reno and selling it for double what you have into it. These are so much fun to watch!

[@thehomesteadcraftsman8975]

Once I have the cash from selling this house I would pay people to do more of the work, that eats up costs but drastically speeds things up. You are also forming a system and a network of people to work with later. Eventually, I want to be the guy in a suit, loafers and a hard hat visiting the renovation, not the dirty guy doing the work. I actually already have the house I will renovate next. I paid 11.5k when it's worth about 50k as is. It should sell for 150k - 200k with about $15 put into the renovation. It's also on 4.5 acres right in the middle of the city. It was one of those times where everything fell into place.

[@christopherbeni5048]

The Homestead Craftsman holy cow! 😱

[@thehomesteadcraftsman8975]

That was my reaction when the deal went through. I thought it would fall through all the way until the closing.

[@RobertoDonatti]

Whoever decorated your home has excellent taste! Congrats.

[@thehomesteadcraftsman8975]

Thank you!

[@auron1987]

5:50 just casually bursting through the wall, make me think of the coolaid guy, "OH YEAH!"

[@townbrownie20]

I was thinking the same thing. Lol

[@thehomesteadcraftsman8975]

THanks for watching

[@daveyespo]

Very talented and prolific woodworker and entrepreneur . Thank you for providing this very interesting you tube channel!

[@swisschoco25]

See this is what I need in my life, a man who can fix things and build me the bedroom and bathroom of my dreams 🥺😁

[@josegarza5103]

Working that hard says a lot about you. Great job.

[@beezypa]

This is awesome you're a one man wrecking crew

[@KeyserSoseRulz]

you are building real wealth, not only because of hardwork, but because you live within your means. well done.

[@thehomesteadcraftsman8975]

Trying too. Here's my other channel on renovating houses. kzbin.info/door/cDzxOd6Q6OLvBYNH2q98EQ

[@masonmainpage4105]

I like to see investors like yourself that are not afraid to get your hands dirty.

[@BASSic601]

It might be the lighting but just a heads up... if you have vision problems, get checked for glaucoma. The way the light reflects out of your eyes at 3:59 hints you might have it.

[@thehomesteadcraftsman8975]

I'm sorry, I can't see your comment enough to respond.

[@traitorjoseph1893]

The Homestead Craftsman lmao, best comment I've ever "seen" 🤣

[@ahodamahingan1698]

Thanks for sharing and your transparency with costs. Very inspiring.

[@thehomesteadcraftsman8975]

Thanks

[@smallhitchfarm9090]

Can't help but gaze at the gorgeous kitchen you designed. Could you give us another tour of this house and how you live in a well designed smaller home?

[@thehomesteadcraftsman8975]

Once I'm done with this house, I'm going to finish doing the videos on the house I live in. I filmed everything, but never edited the videos.

[@smallhitchfarm9090]

cool!

[@Failedmusician]

You’ll go places buddy. You are a hardworking individual with a very pleasant personality. I wish you well!

[@thehomesteadcraftsman8975]

Thanks

[@23Michael23]

I bought a 3 family house two months ago for $10,000 all most done with my demolition.

[@thehomesteadcraftsman8975]

Good deal, thanks for watching.

[@brandonfuller2254]

congrats on the process! I found a beautiful 3 story built in 1875, grocery store in the historic district near me that I asked the owner how much she would like out of it, ended up being way more than i could afford, but maybe one of these days.

[@saturnia22]

I admire the feel good Carlton Card movie music. good choice. I'm addicted to your videos. I watched this series right through but...Can't wait for another episode of the $9000 house though...waiting.

[@lking1260]

Your AWESOME Son!!! Bless your heart for taking on this massive project, and following your heart and doing the right things!!! I would sell...if you can...just my opinion, it's basically all new, let it be someone elses...renters have a tendency to tear up...you don't want to go through this again in 5 or 10 or 20 years. Best wishes with whatever you decide!!! Enjoying your vids and your sweet heart, keep up the good work, your one in a gazillion guy😊!!!

[@thistledownwoodcraft3426]

Rent or sell? 3 words: income, income, income. The grand Lords of England did not make money selling their property they made it renting it. Every time a family sold property the went broke a few years later from not having income. Buy, renovate and rent is the future of really making money. By not paying attention to the past, we risk repeating it. My 2p.

[@thehomesteadcraftsman8975]

I agree, one of my goals is renting in volume and doing it one at a time with houses is a slow road. I'd like to buy and sell my way to affording apartment buildings. One building with 50 units is way better than 50 houses....as far as rental goes. We'll see.

[@bighands69]

selling can still make money if you then take that money and invest it. Through rental properties I can make a 12% growth but can easily earn 17% through market investment so why bother with the 12% growth. By selling property I have been making an average 35% growth for the last two decades. Renting can make money for that those that only know how to rent. For those that know how to spot a property and then develop it can make far more money. The key is trying to buy below market value, investing and then selling at a level that maximises profits. The land lords of england lost wealth and power a long time ago. Many families went bankrupt.

[@Strykehjerne]

Well.. the grand lords of England still own most everything.. nothing is really sold in the feudal system and legal stuff there. Just look at the death of the.. earl of.. whoever still actually owns the land all around the centre of the central London districts. And no death taxes were paid... All the embassies and grand magazines are built on this land.. and have to pay their dues to the lord. (Who can make deals with the local council or something, but ... Usually, the land isn't sold at all.. even if you think you bought it) You can buy a hundred year lease. .. and never own anything else but the right to..... . Sleep? In the place. The idea of what the US could be, was always. Own your own. Not. Freehold or tenure.. Watching from Norway.. never had real feudal system markets... I'm just surprised that you can even build to the throwaway, consumer, use it and dump it standard that is the norm in the US... But Everywhere is different.. And. Suddenly there's a revolution or something.. This guy seems like an ideal landlord. Young, idealistic and smart

[@daltonherriman8516]

Love the new format. Very informative and provides the extra info. that I was looking for the whole time.

[@rimaoulhaj9910]

I like your vision of finances and business. I am an engineering student and I am really interested in doing the same as you, eventhough it would mean that I will need other people to help since I know very little about manual work. But the idea of buying cheap houses and giving them a new value is something that I have had on my mind for quite a while

[@rtheprizeisright7323]

Goto say man was a little scared for you when you were in the attic space knocking out that chimney and the all the ceiling rafters were rocking. Good Video. Thanks, Ron

[@TheJust22az]

Love your videos. I am on my 37th property here in Phoenix. I work a full time job but love the renovation process, especially putting on the final touches.

[@thehomesteadcraftsman8975]

Wow, way ahead of me. thanks for watching

[@carnagie85]

Excellent stuff, keep the great videos coming.

[@thehomesteadcraftsman8975]

Thanks, will do.

[@johnfithian-franks8276]

Hi I am living a debt free life now but it took a lot longer than you, I was about 50 when I finally managed to pay off all my debts. Love what you are doing and I also enjoy your videos.

[@Boutchers]

Looking forward for the rebuild of this little house !!! continu the good work my friend !

[@madenthecountrybabylikegri1261]

That was my favorite video series

[@jlathem56]

Awesome project. Going to be interesting to see the final outcome.

[@thehomesteadcraftsman8975]

Thanks

[@roncrandall]

My preference is to keep a residual income, but flipping has it's instant appeal as well. Thanks for sharing, and good luck!

[@MOJORAPSCALLION]

Love this! Such a great professional finish and attention to detail. Thank you ;)

[@elainearchibald6687]

Awesome work! Love your house, decor and all! Thanks for sharing. Looking forward to more videos. If I had the choice, I would sell and use that money to keep investing in more fixer uppers! No worries or headaches from tenants.

[@maehay4065]

It was really fun watching the demolition of this house thank you for sharing your videos with us 👍👏😍

[@thehomesteadcraftsman8975]

Thanks

[@Waynlo618]

Your videos are very helpful and inspiring unlike a lot of channels i see

[@thehomesteadcraftsman8975]

Thanks

[@shelleykirkpatrick23]

My new guilty pleasure: demolition So satisfying!!

[@milesj.943]

I miss the woodworking, but this is still a very interesting watch. That's certainly a bigger project than I would sign up for. Keep it up.

[@TJSWOODWORKINGSHOP]

I love it you are the man my brother I can't wait to see the next one oh yea lol :)

[@thehomesteadcraftsman8975]

Thanks

[@mrsophistifated1]

I think you should rent it and take an equity line out on it to purchase other property..... If you took out a 20k loan you could buy and rehab another property and use that one to pay the loan off.... After you do some of the other upgrades you mentioned in an earlier video if you were to sell you would see a bigger profit.... I like your strategy.... Its one that i plan to duplicate.... Keep up the good work, and thanks for being an inspiration.... So many people think realestate and think big $$$$ but you've showed how for the price of a used car it can be done.

[@RoomiesGarage]

Can't wait to see what comes up next thanks for the entertainment

[@WollongongSkyWatch]

No chimney no Santa ;) hahaha. Watching ppl demolish is just as satisfying as demolishing! Beautiful job on the current live-in abode!

[@traitorjoseph1893]

Gorgeous couple doing awesome stuff!

[@SJLamb-te3dt]

Ahhhh the versatility of a sledgehammer!

[@jones6403]

I'm looking forward to buying your ebooks!

[@thehomesteadcraftsman8975]

Thanks, I'm looking forward to selling them to you!

[@RogerSnell]

I'm anxious to learn how you find and negotiate these deals. Love your video's!!

[@thehomesteadcraftsman8975]

That will be in the books, but the short answer is not in the real estate listings! You've got to get to them before they are for sale.

[@RogerSnell]

Oh, I have to pay for the advice. Lol

[@ballet07]

Love demo!

[@BargainBeautyAmy]

I have been waiting for this video lol found you from the 1st video you did on the house. Can't wait to see it finished.

[@thehomesteadcraftsman8975]

Thanks, if you have anyone that would enjoy the series as well, please share! Thanks again.

[@Smashpunk7]

Wow the walls separating the rooms where you busted through and basically pushed down looked like little more than thick cardboard! Not even drywall? I love watching demolition, good job!

[@thehomesteadcraftsman8975]

It was drywall, it's easy stuff to knock out. THanks

[@paulcooper8364]

In your opinion what is the prettiest wood as far as unique wood. Love your videos,wish I had your knowledge. Great inspiration for me watching you.

[@N15-b2i]

I have few ideas i hope you like in terms of renovating: 1. Vaulting the ceiling (to increase the height) 2. Opening the floor plan 3. Widening the windows to create more natural light Wish you all the best

[@thehomesteadcraftsman8975]

Thanks, all those are good ideas if you were going to live in it yourself, but as a rental it would not add to the value (as in rent price) and for selling you would not see a return.

[@uriamar7101]

Keep the good job 👍

[@deshia1471]

Wow. You are such a hard worker! I would love to see the final product.

[@elflordsjourneys]

Great job,you should be on hgtv. That was a lot of work editing all those shots!😀

[@thehomesteadcraftsman8975]

Ha, it was a lot of editing.

[@MoPoppins]

I think THC could be on HGTV, as well! PBS or more quality programming-based channels (i.e., informative, rather than spectacle for shallow people with short attention spans) would be more suitable for him, I think, but definitely has what it takes to be on TV!

[@thehomesteadcraftsman8975]

Feel free to send them an email, better from you than me! Thanks for watching.

[@MoPoppins]

I believe I've actually tweeted HGTV before, sending them a link to your channel. It was quite some time ago, when you were working on your tiny house and showing us the hand tools you'd buy for cheap and restore. (How long ago was that? A couple years back?) If it's something you'd really like to expand into, it wouldn't hurt to share that bucket list wish with your viewers to have us/them contact whomever you'd like to have notice you! ;) I think it'd be more powerful to have a block of people sending correspondence about you, rather than a sporadic trickle. Say the word, and catalyze your viewers into action, if you dare!!

[@thehomesteadcraftsman8975]

Perhaps I will, i've got so many projects going on now that if HGTV called me I might have a heart attack....but I'd risk it.

[@traitorjoseph1893]

Love that you preserved the small panels. Were they cedar?

[@BillyMcCord]

Wondering why you demoed the floor joists?

[@thehomesteadcraftsman8975]

The ones I removed were water damaged.

[@bradykirkwood]

he has a previous video, but I believe it was because of rot.

[@mariayelruh]

There was rot from leaking - he explained on his other channel with the video covering that.

[@lyles637]

Floor joists removed to help dig out dirt to provide more clearance under floor to make it easier to get under floor in future. Check out his other channels for more details of this reno.

[@LynnDenton]

Awesome job!!!

[@thehomesteadcraftsman8975]

Thank you Lynn

[@burgbuilds]

Yessss I finally found your channel again! Idk how I lost it somewhere along the line and just saw a video of you slabbing you a huge walnut tree. Love your content man and I love you’re plane T-shirt.

[@thehomesteadcraftsman8975]

Thanks, t shirt on my website.

[@getoarpira1404]

Man your just great, a lots of hard work. I wish i could be there and do it togethere. I do the same here in Switzerland. You deserve ☆☆☆☆☆

[@Bspstroke_]

Advertising as a lease option is a good option IMO. Typically the seller charges a 2-5000$ lease option fee upfront depending on the home value, which lets the buyer "rent" or make payments on the home with the option to purchase the house after the 1-3 year lease agreement is up. Gives a buyer with bad credit an opportunity to own a nice house.

[@k.cashman427]

Curious if you've set a budget on the renovation portion of the project or keep it somewhat open due to unforeseen issues, etc.? I've been checking out your vids for a couple of months and am hooked--great job!

[@thehomesteadcraftsman8975]

No, I just spend what I must to get it complete. A budget is just something I'd waste time coming up with. I just look at it, get a gut feeling and go at it. In this case, roughly $10k for the renovation.

[@Countcho]

Cool! U should have a vid on how it looks remodeled!

[@dianaa8677]

I love the brick" I appreciate your video's description...✨💪😁 I'm in great need of finding a home like this" I'm a widow' a single mom' and on Disabilty! I'v had 2 strokes an now seizures I need a safe and protected home for me and my son!✨💞

[@rollingthunder7258]

Thanks! Gracias!

[@billbottsurfing]

I really liked the new compilation style. I am currently renting out a house and I do like the passive income but I think you should flip this one and step up a bit. Maybe something you could do less to and get around $1200 a month for. Keep it up man. You're awake.

[@thehomesteadcraftsman8975]

Thanks, I've been thinking the same thing. It's easy to get excited about things and go for whatever you can handle at that time, for example, buying the first cheap house you find. I've realized that and am starting to aim several steps above what I'm doing now. I'd like to buy apartment buildings, even if the rent is not high, you're dealing in volume. I could have someone manage it and not have to be a landlord, which is not my goal.

[@alishadurbrow9254]

Great video, I like the style of editing on this one.

[@thehomesteadcraftsman8975]

Thank you

[@roberthoyle6442]

Good job. Was it just me or did the video repeat part of it in the middle portion?

[@thehomesteadcraftsman8975]

Not sure, I showed the $5000 house twice.

[@jakeledg]

Do you think it would have been easier/cheaper/faster to build a small structure from the ground up rather than a complete rehab?

[@Mylifesofar]

I like this new format but do you have anything on the after renovations just so we can see the comparison of before and after.

[@thehomesteadcraftsman8975]

+My Life So Far Its not finished. Im posting as i work.

[@naimatkamal]

woow awesome work I wish have same work

[@adrianswoods]

just curious as to what you wound up keeping other than the exterior walls

[@jacobgarrettheimberger4320]

Could you offer any details on your Concrete Countertops that you made? (Concrete type, form build, sealer type etc)

[@thehomesteadcraftsman8975]

quickcrete 5000, poured upside down on melamine. I used rebar. Polished smooth with a polisher I got off amazon. I'll do a video on them eventually. I filmed the process....like 2 years ago.

[@Conan_Obrien]

I enjoy all of your content, but any news on your forays into knife making? I enjoyed learning along with you and am curious to see your designs take shape.

[@thehomesteadcraftsman8975]

I really want to get back on my knife I'm working on, the curved blade but every second I spend on that is not spent on my long list of what I should be doing. With that said, I'll be back on it eventually. This particular knife is one I want to be in a good and patient mindset when working on it, as I want it to be my "masterpiece". Thanks

[@Conan_Obrien]

Totally understandable. I'm patient and I'm not alone. Thanks for the update and for all the great content.

[@darrellroeters4951]

Looking at houses in Florida to do this.

[@DTISwirlC]

My husband and I been on the look out for abandoned homes and we are really trying to find one to fix up and make it our home, I just wonder if we could also buy a home for about 12,000

[@kylerodgers4160]

You should think about doing a rent to own (RTO)then you won't get hit bad with capital gain tax. Definitely worth researching on.

[@lindanwfirefighter4973]

There was a bank repro house here that went for $3500! People have no idea what they can get a house for! The house was move in ready to! Backed onto a river!

[@onlyoneashrenea]

Is there any websites that you go to find these fixer upper houses?

[@nullvoid7370]

Did that house have gable ends and just a Ridge with rafters so no interior structural or load bearing walls

[@thehomesteadcraftsman8975]

It has trusses.

[@visionarynoah8903]

How do you know how to do all of this stuff? And on your own too?

[@thehomesteadcraftsman8975]

By starting and figuring it out as you go. You can't worry about doing everything perfectly, you'll get nowhere. Do it and move on, if you mess up you can fix it.

[@elijahwatson8119]

People who can't believe you can get a house for $12k probably live in areas where a 1/16 acre lot without a house costs over $80,000. I just did a quick search, and where I live in Ohio there are dozens of houses listed for under $15k, which fixed up could sell for $60,000. Of course you'd have to watch how much money you spend renovating it, but its certainly doable to make a decent profit. I've watched most of the videos in this series, and something that I'd find interesting would be a running total on how much you've currently put into the house, if you're open to suggestions. That said, this is a great series of videos, and this is something that I'd be very interested in trying to do when I get my house paid off.

[@herewegokids7]

Dude who taught you to work like that. Beast mode

[@leeb.7188]

You might want to consider a pair of work boots or shoes with a steel shank. When I saw those nails sticking up from the floor, it got me thinking, OMG, that’s gonna hurt!!!

[@thehomesteadcraftsman8975]

An excellent thought....yet I prance around in my knock-off Crocs like a fool.

[@Ratchet-strap-Garage]

This has always been my dream . Buy old homes , repair them , rent them or flip them . Was young and dumb , trashed my credit , can't even get a loan for $500 😂 live and learn !

[@robertfeliciano5723]

Great work out. At my age, I'd use a sawzall on half of the stuff you did manually.

[@thehomesteadcraftsman8975]

I like smashing, gets out all my inner rage.

[@alexclark6768]

can you do a video about all of the budgeting for the $12k house?

[@thehomesteadcraftsman8975]

I could, but I'll be honest, I don't do a lot of budgeting. I just spend what it takes to get it done. I'll talk about the expenses at the end of the project. Thanks.

[@alexclark6768]

But he would have some idea as to how long the process took.

[@sallywalker2606]

What aboùt the asbestos?

[@jrippee05]

Was there mold in that home?

[@meganelise277]

I'm used to your other channel, I like the polish of the intro and outro! Looks good! (either way I enjoy the content :) )

[@thehomesteadcraftsman8975]

Thank you Megan

[@graydation]

So... I cannot wait to see how this house turns out in the end. I have a question... You paid about $12k for the house... How much more money would you estimate that you have invested in it so far? How many hours of your time? How many hours of paid time for others to help you? and how much money in materials? Just trying to get an idea of how much the total time and cash investment something like this costs?

[@thehomesteadcraftsman8975]

I will probably have around $20,000 spent total once done (including the purchase.) So far I have spent around $2500 to bring it to the point where the framing is done, plumbing is in and most of the electric. I'm close to drywall. Not sure on time, I work on this house while doing a lot of other stuff as well. I've only paid a few hundred to helpers. As far as time, it will have taken me 4ish months off and on. I don't think thats too bad considering it's potential. Around $600 a month in rental on a house I own outright. In 3 some years it will have paid me all my money back plus the house will appreciate. Thanks for watching.

[@graydation]

The Homestead Craftsman sounds like a solid investment. Cant wait to see the final results.

[@graydation]

Taylor oh yeah as a homeowner I know the difference between doing something myself vs paying someone to do it...lol

[@ateamofone]

I personally would build up at least half a dozen homes to rent and decide to sell or rent when you come the age of retirement. Steady income or a windfall of cash. Steady income for 6 homes over a 20-30yr period is a lot of cash, and then you can sell them for more than they are worth now. Just sayin. Nice work. I have done a few homes myself like you did in this video. Its only labor and time in my eyes. Something you dont need if your wasting it in front of a TV all your life like most people. A little work will go a long ways if investing your time properly. Im definitely a subscriber now. Keep up the great videos. Smile

[@thehomesteadcraftsman8975]

We'll see, it's a lot to consider. I personally would like to build up a lot more rentals that you suggest. I'd like to get into apartment buildings and complexes if I'm going to stick with rental. Buying and selling houses would be a good way to build up to that level. Renting houses is tempting when you are getting started in contrast to not doing it at all but aiming higher is better with rentals than just having a handful of single-family houses. The liability and attention required are fairly high for what you get. But again, we'll see....thanks for the input.

[@theropesofrenovation]

@@thehomesteadcraftsman8975 That's what I want to do. (apartments). Looked at a 5 unit apt. A LOT of termite damage. It's a Florida thang! Pesky little buggers. Had to pass on that one.

[@rtheprizeisright7323]

What part of the country are you located in?Up here in NEPA we can get houses at this price however they are usually row homes. Good video. thanks, Ron

[@playersidekick]

What methods do you use to find these cheaper houses?

[@thehomesteadcraftsman8975]

Secret ones.....just kidding, I get my hands dirty, drive around, call people, talk a lot, etc. In my book I'm writing, I detail it more closely.

[@bikerchic7938]

I have a question about renting them out... Lets say you rent it out for a yr and the renters ruined the carpet or damaged enough stuff that the cost to refix it was more than half of your gross income. What about if they lose their job and get behind on the rent for a couple months, what do you do? when you sell, do you point out that a 30k mortgage has such a small payment that its cheaper than rent?etc. I personally would sell it as I dont want to deal with the hassle of renters etc... Love your channel.

[@thehomesteadcraftsman8975]

There's always going to be risk in making money, the renter is the variable that determines this in rental property. I have had good and bad experiences, the first people I ever rented a house to I had to evict. They did not pay and left the house a mess, I just moved on. You just learn and adapt. Renting and owning have their purpose, owning a house is often more expensive due to ongoing maintenance, insurance, taxes, etc. It also anchors you down a bit. Renting is renting, you can leave anytime. I'm leaning towards selling, but renting would be great if I find the right tenant and they do exist. Imagine getting a renter that stays the rest of their life, 20 - 30 years, that's serious money. At the same time, You can take a few months, get a house like this put together, sell it and take the money ad put it towards another house, again and again. While it will take a lot of work you can make the same amount as renting in a short period. There's also an advantage in holding properties as you never know what is going to happen. Values rise, someone you know may need a house, etc. Thanks for watching. If you have others that may enjoy these videos, please share.

[@jacobgarrettheimberger4320]

Generally owning is cheaper over the long term, but sometimes short term repairs that come with ownership makes it unreasonable for someone to own at that time in their life. Some people like to move frequently, need better credit, prefer the low risk of renting, or other factors that make ownership less appealing even though it might be cheaper over 15-30 yrs. As far as ruining carpet and such: wear and tear is expected and the choice of expensive carpet/cheap carpet/tile/wood is always a consideration of owners/Property Managers (tile or cheap carpet replaced more frequently are generally better options than nicer carpet or wood). Not only is making the right choice for the specific home a consideration, but requiring a refundable deposit is a good way to get better tenants and incentivize them to treat the home well. If they lose their job or otherwise get behind on payments, that will really depend on the relationship. I've had tenants that I trust and that treat my rental very well that I'd be willing to be flexible with in order to continue the relationship--on the other hand, I've had tenants that I would evict and keep their deposit if it came to it. Being a landlord/owner isn't easy money, nor is it without risks. It requires discipline in many ways including financial discipline where you set aside 1% or more of the property value per year for repairs/upgrades and also factor in losses due to evictions and loss of rental income when finding new tenants if they can't be lined up perfectly. Assuming the owner also manages the property then it requires being available in case of emergencies and having the means to make repairs yourself or the money to pay a professional when you least expect something to break.

[@thehomesteadcraftsman8975]

Thanks for the input.

[@fuffalobucker]

Next time you demo, please take the fluorescent bulbs out of the fixtures. No reason to break them and spill mercury (even the tiniest amount) into the environment. Kudos on the hard work and financial freedom.

[@thehomesteadcraftsman8975]

Agreed......with that said, I didn't break a one somehow.

[@WeirdlyOCD]

I've been watching your videos for quite a while and love seeing the updates but I do have to ask: where'd you get the shirt your wearing? I love it!!

[@thehomesteadcraftsman8975]

I sell them on my website, click on the Shirts Tab. www.thehomesteadcraftsman.com

[@WeirdlyOCD]

The Homestead Craftsman I meant the blue one with the button you're wearing in the beginning of the video.

[@thehomesteadcraftsman8975]

oh........I don't know, some discount rack.

[@johncooper751]

What area is this? Super cheap prices there!

[@kfstreich4787]

Do the tenants in your area tend to pay rent on time? is the ROI good? if the answer to both questions is yes then renting it is hands down the best answer for long term income. if you need some cash now look into a small loan perhaps 40-60% of the finished value for 3-5 years, this keeps you away from large long term debt and allows you to build an asset base with another property.

[@thehomesteadcraftsman8975]

The answer to that is yes and no to everywhere. It's an individual thing. As far as ROI, I paid under 12k cash and can rent it for $500- $600 a month. Under $100 a year in real estate tax. Insurance is around $200. I'd say yes.

[@icawn]

The Homestead Craftsman could you tell me how big of a town or area population wise that you are in? It would be $400 rent here and $40k retail at most in my market. Thanks.

[@sharondanley2611]

The Homestead Craftsman I

[@carlower1]

how about a video of the finished project??

[@thehomesteadcraftsman8975]

Just as soon as it's done.

[@rollingthunder7258]

With the land too?

[@thehomesteadcraftsman8975]

yes

[@thomascarter601]

I am from England so the area you are might be different but are you sure you'll get that price a month - it seems really high?

[@thehomesteadcraftsman8975]

As it is, sure, but once it is done it will be a normal price. Rents in the US range from a couple hundred to thousands a month for normal stuff.

[@thomascarter601]

Do you roughly what it will be worth and how much you'll have to spend on it on top of your £12k?

[@thehomesteadcraftsman8975]

I'll probably send around $20,000 USD total, including buying the house. (around $10k for the renovation)

[@thomascarter601]

Here in Lancashire, England you'd have to spend around £70k to get a return of £500 pcm. As a rule of thumb. Where abouts are you based? And Thank you for replying so quickly.

[@Thinlizzie83]

I really like your work! Thanks for sharing the process with us.

[@hp11208]

Cool

[@gregorymosher5008]

If it cost you 12k, do you have an estimate of how much you saved on labour doing the work yourself? What did you have to sub out to a contractor? Do you have a rough price on materials that it cost you to reno the place?