Rental Property #1 Here you go! Hey you have to start somewhere right?
How I bought this property:
This is the back in the day where you can cherry pick the MLS. This is the “simple” find after looking at 15+ houses with my broker. We simply put in the offer and get accepted. Since this is my 1st deal. the loan officer ripped me off in term of fee. I remembered paying something like $3000 in origination fee alone.
Rehab cost: $0
Financing: 20% down using conventional mortgage
What is happening to this property?
2012 update: I actually live in this house before i move out and lease it. This is my 1st house ever. I remember being so excited. throw out house warming party and stuff. If I would have done this again. I would take advantage of the FHA loan instead of the 20% conventional loan. I am not a big fan of FHA loan, until now. I think it’s a worst program ever invented but hey if it is there, there is no hurt taking advantage of it.
2013 update: I have a job offer at another company so i ended up sell this property back to a family member for what i bought it for. The house is now worth $120,000. I still help my family member manage this property and it is still bringing a significant amount of cash flow of 1200$
2014 update: The tenants moved out and destroyed the carpet. I of course put in the new flooring using their deposit money and rented it out again for a 2 years lease. This so far is one of the best performing assets in our portfolio