Rental Property #12 Debrief

I randomly picked up this property also while working on my flip#1 It was near the end of the day and this deal pop up in my email. within only and couple minute away from the property, I stopped by to see the neighborhood and the outside of the property and i love it. I remembered having my girlfriend meet up with the wholesaler the next day to make sure the inside is ok. I purchased it using the credit line, renovated it, lease it, and refinanced it out. Pretty simple here, no drama.

I bought this with my sisters. so we split the profit half and half. I just charged her like 25$ for now to run the show. I might have to increase this in the future. i under estimate the amount of work for syndication, even just for a small deal.

Renovation: $10,000

Financing: 25% down with commercial mortgage

Rent: $1250 ($1300) as of 2015

ARV: $120,000

What is happening to this property

2015 update: Well, we have a couple issues and drama where the roof leak and stuff but i have my PM quickly taking care of it. Other than that. this unit has been pretty quite so far. the tenant who leased it from 2014 is still there with a month to month rent of $1300 Seem like they doesn’t want to sign a new lease. I’m unsure of when they are moving out and i need to plan for this

No Picture from this house either! I left the picture taking task to my Property Manager and they didn’t do a good job but i don’t mind as long as the house leased out to good tenants

update 09/11/2015: I pulled the pictures from the MLS. Here it is

 

2016 update: I sold the house for 129k and pretty much double my money and my investor money. more about it can be found here

 

 

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