Rental property #8 debrief

This is another cash deal that was purchased shortly after number 7. I bought this through HUD. The amount of the paperwork doubled but everything turn out to be ok at the end. This is one of the best deal that i was able to execute with some luck

I actually bought this one sight unseen. i was too busy with my day job at the moment so i just asked my broker to take a look. The property need 0 repair. YES, you heard it. it’s a HUD house that need 0 repair, not even a touch up i have to do to this house. Everything is in a ready to move in condition and it just need a nice clean up. i remember the original asking price was like 70k something but i decided to bid this sucker all the way up to 88k! I don’t want to lose this deal. I ended up getting the deal of course but i feel a little it regret for bidding it up too high

Purchased Price $88,000

Renovation Cost: $0

Rental : $1250

Sold Price: $134,000 (sold in 2015)

living room (1) IMG_0275 (1) IMG_0274 IMG_0273 IMG_0269 IMG_0256 IMG_0232 (1) IMG_0235 (1) IMG_0240 IMG_0241 IMG_0243 (1)

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What is happening to this property?

I was able to lease it out to a wonderful couple for 2 years. thing was great toward the end of year two when the couple started to fight and breaking up. The Boyfriend ended up losing his mind and become very difficult to deal with. he threatening me a couple times. Long story short, they moved out and i was able to clean up the property and sold it for $134,000. I was grateful that they did no damage to the house.

2 thoughts on “Rental property #8 debrief

  1. Another great execution on this deal Huy.
    Looks like you have a finger in the different real estate pies. HUD pie in this case.

    If I am following your numbers:
    Purchased Price $88,000
    Renovation Cost: $0
    Rental : $1250
    Sold Price: $134,000 (sold in 2015),
    You made a profit of $46000 from the sale + $30000 ($1250 * 24) from rent in a two year timeframe.

    That is awesome !!!

    Why did you sale this one ?

  2. all the number is correct but you have to minus all the expense. I paid huge property tax on this house. the market is up sky high on Houston so we simply want to capture the equity

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