An Early flip
A Hoarder Created a Distressed Property
This was 4-bedroom, 2-bath house with a view of the city. It had a walkout basement and was located on a quiet cul-de-sac. It was a distressed property, because the previous owner was a hoarder. There were only trails through the house between the piles of trash. In the living room ashes flowed from the top of the fireplace across the living room floor. The owner raised small animals on the property, maybe also in the house. The living room hardwood floor had a shotgun hole. Perhaps he shot an animal there. A large dead tree was in the back yard.
We cleaned out the house and spruced it up. We cut down the dead tree.
We bought the house in 2004 for $63,000. We sold it for $160,000.
We wanted to pay even less taxes. We decided that for future purchases we would hold onto the properties and become a landlord.
