Rental Property #3

I am still too excited from the previous 2 purchase. I decided to get another one! but i am out of money! what do i do? Back then the economic condition is terrible and people is keeping cash. I went out of my comfort zone and asked one of the family member if i can borrow $20,000 and agree to pay 6% back interest only every year for 3 years and I…got it!

So i went out and bought my 3rd rental. Another boring story on purchase. I went to the mls, pick a house in the same neighborhood with the 2nd one and simply purchased it.

Rehab cost: $0

Financing: 20% down using conventional mortgage

Rent: $1100 ($1200 as of 2015)

What is happening to this property

2012 update: I actually got my real estate licenses by this time and leased this one out myself. Man i have to tell you it’s a lot of work. I wouldn’t do it again. But I did screen my tenants carefully and get a good one

2014 update: the tenants moved out. I leased it out myself again and get in another good couples. unfortunately they are in the process of buying a house and they leaving me too….

2015 update: Real estate price surged in Houston. I refinanced and got all of my money out plus more. I paid back the $20,000 that i borrowed 3 years ago. Now i am 100% leverage on this property and it is still cash flowing well.

2016: I handed off this property to my property manager and move to the passive side. thing is going well ……so far Iet’s hope that it will continue this way

 

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