I have never been a big fan of the redneck comedy or humor and have managed to not use the popular “Git-R-Done” term ever, as far as I can remember, until now. As I’ve been working on one of our investment properties recently however, it seemed the most appropriate term I could think of. This is one of those stories that people cite as reasons to NOT become real estate investors. At first glance, I would have to agree. After thinking about it though, it’s actually working out pretty normal. Here’s the story.
A few years ago, we were able to buy a big duplex house for good price that needed quite a bit of work. It was completely livable, just really ugly. (see the pics and you’ll certainly agree) Recently, we got a notice from the city that it had to be repainted or face citations and penalties. (some cities can do that and are not afraid to) In frustration at the bad timing and long distance, we began dealing with repairs and upgrades. Grumbling and complaining accompanied the entire process. Before starting I began taking before and after pics and realized that this house was the closest thing to a haunted looking house that we owned!
About half way through the work, I began to realize that this was no different than any other “fixer upper” we have ever bought. The only difference was that we usually just jump in and get them done right away. In this case we rented it for five years first with very little time or investment. The fact that all at once we had to give it our attention only meant that the timing was inconvenient. Otherwise, nothing was any different. So rather than grumbling, complaining and wishing I was somewhere else doing something else, I resolved to adopt a “Git-R-Done” approach and simply just “Git-R-Done”! As an investment property, it’s been very typical in that sometimes it’s good, sometimes it’s not. Which is kind of reflective of a lower priced property. In truth, the rent collected over the five years as been greater than the original purchase price. So the actual investment quality has not been a disappointment.
Investing in income producing real estate is not a complicated equation. When you get a really good price, it usually means that you are buying some “fix up” work for yourself. Pretending that it will simply go away if you ignore it doesn’t work. Sooner or later, you have to do your part and this property was no different. I just allowed myself to forget that we put our original fix up list on hold for five years. The city reminded me that our fix up list hadn’t gone away. So……even though the timing was not convenient, sometimes you just have to …………… “Git-R-Done”!
Wealth is created when value is created. If you look at these pictures you can easily see that the complexion and curb appeal of this property has definitely improved. Improving it’s appearance has created new value. The exterior paint job took six days to complete for my wife and I. We have also decided to redo the interior and get this property brought up to a standard that fits the neighborhood and slightly better. Ultimately, this will prove to have been a good investment, even though at the moment, everyone looks at it as a big pain.