Rundown Foreclosure to Rental Property | Completed Renovation

[@matallen705]

Where I live our rents generally come out to 1% of property value ($100,000 rents for $1000/mo on the low end). So you're $120,000 house would be between $1,200 and $1,500. I was confused as to how you could cash flow at $800 but then you said that your property taxes are $1000 lol. That's crazy low. Thanks for sharing your experiences, I love learning about different markets.

[@joevarga5982]

Wow, that's a remarkable transformation. That house is sort of a low-end mid-century modern house with post-and-beam construction and low-pitch roof. Many authentic MCM homes have tongue-and-groove interlocking wood plank paneling which is quite expensive. They tried to emulate that in your house with cheap wood paneling, but went a bit overboard using it everywhere, making it pretty dark inside. I don't think I've ever seen wood paneling in a kitchen before 😂. I'd try to take that out and make it drywall. That home was probably designed by the builder, not an actual architect. The house also has custom built-ins which are common luxury features in many MCM homes. The MCM look has some rules to follow. Quite a few things are "wrong" in that house to somebody who knows what MCM is, but most people don't know the difference. Everything should be very plain, flat and simple. The cabinet doors should be one piece plain and flat, the tiles and countertops should be one color without any fancy designs on them, the carpet (if there is any) should be very plain solid color with a low nap, etc. You can search for the term Eichler Home to get a sense of what that house is trying to emulate on a budget. Nice work though!

[@joevarga5982]

You've mentioned and shown water damage in several videos, but I don't recall any mention of termites or even termite inspections as an expense.

[@OtherDalfite]

Hey Mandy, liked the video and just wanted to say the video you took of it was absolutely fine. Don't sweat whatever critiques you have because it did exactly what it was supposed to do.

[@ItsMandy]

Thanks, I appreciate it!

[@wiserlivingrealty]

Keep it up Mandy! You're killing it for your age! Thank you for making these videos; You are making a difference in this world! As far as going over budget... For some reason I do it every time 😅😂

[@tipa_tipafinances1188]

Wow! What a change.

[@lourdesmota6409]

Hi Mandy! I would love to see a video of you talk more about how you buy rental properties for beginners. How you start in real estate and tips 💕

[@tvlamb55]

I'm enjoying your videos. I live in a high cost of living area so I love the prices of your homes. Video suggestions: do an update on income/expenses, do an updated review on Cozy, do an update on how you list and rent your units. Have you looked into Avail or any of the new competition for Cozy?

[@ItsMandy]

Thank you! I have looked into some of the other options. Personally I like Apartments.com fine, but I know some people hate it. I'm not a fan of Avail because they charge for ACH payments.

[@jamesbehncke3744]

Have you, or can you, do a video on how you keep tracking of you finances/books for so many properties? You’re freaking rad btw

[@ItsMandy]

You actually aren't the only person who has asked that! It just seems like it would be a really boring video. I pretty much just use Excel.

[@jamesbehncke3744]

@@ItsMandy First hand POV would be valuable imo. Do you keep separate ledgers for each property? How do you manage the money and expenses for every purchase? Do you always have a certain amount of cash on hand for each property? Do you keep separate savings accounts or money market? Do you make other investments than real estate? How do you manage your portfolio? You seem like you must have a very effective method! Thank you for your content!!!

[@EthanLee-fu8ot]

Love your videos Mandy! I’m trying to build a real estate empire in the Philly area. So far, I only own 2 properties, but I guess we all need to start somewhere. Keep up the great work!

[@ItsMandy]

Thanks! Two properties is awesome though!

[@kayslay888]

so proud of you, great job on this one. thank you for sharing

[@ItsMandy]

Thank you!

[@Ardzgmz2010]

Mandy, I got a question for you. I own 2 rental properties. I have done lots of work myself. My CPA said that I could NOT deduct any of my work because is my own property. It makes me mad that owners can't fix their own properties. Any advice?

[@mikelynn8977]

You can't deduct any expense for your labor. You could form a corporation and pay yourself as an employee or independent contractor but then you would have income to report.

[@vcrunchy3672]

That carpet is TERRRIBLE! Should have definitely replaced that. Sorry I just can get over the 80's borderline shag carpet. Very nice of you to install the Flexstone Surround, looks great.

[@ItsMandy]

Yes, it's just that pets and kids are so hard on carpet. This way if it get's ruined the tenant doesn't have to cover a portion of the replacement cost (since it has clearly reached the end of it's life expectancy). I've been thinking about offering to replace it though after they have been there for a year or two.

[@vcrunchy3672]

@@ItsMandy Ah, good logic… as long as tenant is good to go with this arrangement then it could definitely be a good thing. Thanks for the tip.

[@myaltershego]

This was a great update, thanks for sharing!

[@ItsMandy]

Thanks for watching!

[@gsftom]

Love your videos. Thanks for sharing.

[@ItsMandy]

Thank you!

[@mattschamel6550]

Fantastic job on the house, Mandy! Another gem in the Village! Although... I would've painted the panelling lol 😁

[@ItsMandy]

Lol, painting the paneling would have made it look way better. There was just sooo much of it.

[@mattschamel6550]

@@ItsMandy I agree, it was a LOT of paneling. Makes my hands and arms hurt thinking about it! 😂

[@kirstenfebres9378]

This was a great video. I don't see why you think it's bad. But anyway... Can you tell me what kind of paint you used in the basement? I started following you. You have great advice. I am a new landlord of mobile homes. Just getting back into renting again after about 10 years so you're videos are great refreshers for today's market. Thank you

[@ItsMandy]

I just feel like it's shaky and the angle isn't wide enough so you don't get the whole room in the picture at once. I'm glad you liked it though! That's awesome, I'm always super interested in mobile homes because I think they are a great solution to affordable housing. All the paint I used was from Home Depot. For the paneling: Zinsser Bulls Eye Primer - I actually liked it better than KILZ. Behr Marquee - Ultra Pure White For the floor: Behr porch and patio floor paint. They also have a Concrete and Garage 1-part epoxy that I bet would hold up even better. I just didn't want to work with an Epoxy.

[@ItsMandy]

This is the video that I watched before painting the concrete. kzbin.info/www/bejne/q5jVZKGMl66jepY&t

[@kirstenfebres9378]

@@ItsMandy thanks so much. And yes epoxy can be tricky to work with. I did paint some really old eggshell colored bathroom counter tops and sink with epoxy and that turned out really pretty. Quick easy cheap update. As well as the top of my washer and dryer. And the trailer homes are great for investors starting with very little capital. But most mobile home investors are only interested in wholesaling flipping or rent to own. I'm interested in residual income. And not fast cash. So there isn't a lot of information or guidance on renting them. So that's how I found your channel. I'll have to incorporate traditional rental property strategies into my mobile home rentals.

[@eksine]

look at 1 minute into the video, your nose is blurred out and it switches to your eye, this isn't a joke, I think something went wrong with your editing

[@IAMBILLYDAVIS]

Hey Mandy I’m trying to think of a property management company name.. I’m wondering what you named yours?

[@ItsMandy]

Well I don't actually have a property management company. Our properties are owned in an s-corp but it is just a generic name, not real estate related.

[@IAMBILLYDAVIS]

@@ItsMandy well you should help me come up with something hahaha idk why I’m so anal about The name and wanting it to be meaningful or something lol why can’t I jus pick something and go with it! Haha mind telling me what your is called? Jus for insight on my own

[@joevarga5982]

@@IAMBILLYDAVIS 👈 Found the stalker

[@quietcoma9244]

What type of market do you invest in mandy?

[@ItsMandy]

I’m in a small town in Arkansas. It’s small (population is around 6,000) but growing.