Rental Property #2

I was still too excited from the 1st purchase of my life. I ended up bought a 2nd one just a couple months later. I was a little bit short on money after the purchase of my 1st house so i asked a family member to do a 50% joint venture. we basically split everything by 50%

This one is pretty close to the 1st one. This is still the period of cherry picking the MLS so no surprise story there.

I remembered i was so excited after we closed. I woke up at 4 AM. go to the house, paint it, do a little repair here and there. go to work at 7:30 AM, go back at 5 PM and keep working on the house until 9 or 10

Rehab cost: $2,000

Financing: 20% down using conventional mortgage

Rent: $1200 ($1250 as of 2015)

What is happening to this property:

2012 update: I immediately get good tenants after a couple day listing on market. I have to thank my broker for this. he was my mentor back in the day where i started.

2013 update: I got stupid and decided to pay off my 30 years conventional mortgage!!! This was probably the dumbest decision ever. I was young and dumb. I did not realize the power of leveraging. Anyhow, the house is still cash flow so i’m ok

2015 update: Houston Market appreciated like crazy. I refinanced the property and get all of our money out, plus more. the house is now 100% leverage instead of 0%. and it is still cash flow well. my original tenants are still with me. They are nice people, and so am I! If you don’t know me. I am one of those landlord where i would put in premium laminate and stainless steel appliances for my tenants. I treat people how i want to be treated. It’s getting as simple as that

SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC
SONY DSC

One thought on “Rental Property #2

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s