Property 13 – sold

-I was working my day job as normal and this town house show up on my email list. After a couple phone call we negotiated the price and decided to move forward with the purchase. Since it is a small deal and probably no bank can finance this. I pulled in one of my partner and together we share the building 50/50

2014 update: This is my 1st time doing section 8 and my property manager didn’t get along with the tenant. and thing keep on breaking needless to say that thing didn’t go well and i have to move them out and rehab the house. i’m looking to break even on the rent

2015: after the old tenant move out. i rehab it nicely and move in a good tenant. now i see the burden of syndicating a small deal: you do all the work and can’t charge your investor

more because the small rent wasn’t enough to cover your fee. I decided to sell it to an investor which is now my good friend for a small profit

2016 update: Unfortunately only after a couple months i sold it to my friend, the house flooded in a history flooding event in Houston and destroy all of the beautiful laminated wood i put in. it was heartbroken to see the after match of the flood.

Fortunately thanks to my awesome PM. the tenant was very good and did not complain. he worked with my friend to coordinate all the repair. after the flood remediation, he repair all sheet rock and tiled the property back. nice and clean. I just heard yesterday that the tenant renewed for another year and property value of this neiborhood and been increasing ever since.