Rental Property #4

I don’t remember what number is this one but i just gonna stick in with number 4. This one is actually my primary resident right now. But i bought it with the investor mindset so anytime I need to move out. This property will cash flow well.

This is also another purchase from the MLS. I kinda got lucky as the seller pick me over the other buyers.

Initial Renovation Cost: $0 (I ended up slowly upgrade the house as i live in)

Financing: 20% down using conventional mortgage

What is happening to this property?

2013 I moved in. it’s a good neighborhood. I love my neighbor

Well, there is not much to say for this property as i am living in it right now and writing this post. my allergies got worse so i replaced the carpet with laminated. I like Costco laminate if you have a store around your area. wait until they go on sale and just load them up

2015 when the market surged in Houston. I went to the big bank and get a HELOC setup on top of this. HELOC stand for Home Equity Line of Credit. They just use the equity you have in your house and give you a line of credit, as simple as that. i was able to setup $20,000 at 7% and can use it for anything: Buy a car, down payment for another house, reserve money, etc…

The house now worth $135,000. my P and I on it is like…. $350 a month.

Oh actually there is a cool thing that is happening in 2015 for this house. i listed the room on airbnb for $50 a day and i love it! i was able to meet and host wonderful traveler around the world and it generate a nice cash flow enough to cover my mortgage

SONY DSC
SONY DSC

August 2015 update: my mom went to visit me and I decided to take it off airbnb for a couple months. I will have it back up there pretty soon

April 2016 update: I moved out to the cleaner project and rented this one out for $1300 with the PITI at around 600 and the HELOC  20k that i can take out any time i want. This house is now pretty much sitting on infinite return

here is the rest of the picture of the house

2013 Listing picture

2016 Listing picture.

Here is the list of update that i done since i stayed in the house:

Premium laminate throughout the house from Costco

water softener

cabinet paint

hardware, fixtures, and appliances update through out the house

 

2 thoughts on “Rental Property #4

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