Lawrence Bannowsky
Odessa, TX (USA)
Role(s):
Founder/Owner/Principal
Lawrence Bannowsky Rentals
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Startup
Location:
Odessa
Industry:
Real Estate
Year Founded:
2009
Number Employees:
1-10 people
Business Stage:
Creation/Idea
Entity Type:
Not Incorporated
Description:
I have 4 rental units in need of repair that I acquired from my father's estate. I bought a house in Sweetwater, TX, which I remodeled for my son and his wife while he was in school. I never put siding on the house, because I was still working on some minor projects. After graduation, my son and his wife moved back to Odessa, TX.
The house stayed vacant while waiting on the siding. The majority of the projects were completed. The water had been turned off in cold weather and the lines bled, but one time in cold weather, the tankless hot water still had water in it and broke a connection flooding 1/2 of the house. I have repaired the interior, except for repainting the two bedrooms and bath and hanging new electrical fixtures. I then discovered some of the new water lines froze and broke also. I need $5,000 to $6,000 to finish the repairs including the water lines. It will take about 1 to 2 weeks to complete the work. Then the house will be available for rent or sale. It is an 1100 Sq feet, single family dwelling on 2 75x150 ft lots. The house should rent for at least $550 per month and sell for at least $65,000 on a quick sale. I would like to borrow $25,000 to pay for these repairs, replace the motor in my pickup at a cost of $4500, pay about $5,000 in property taxes, and start on three of the other properties closer to where I live. My credit score is about 560. When the house sells, it will pay back the $25,000 plus interest and allow me to finish the other properties.