Property # 14 Debrief – Boring but sexy ( so far)
This one is so far one of my quite one and I like it. I hope it can continue to be like this later on. This is another typical turnkey deal with income from day one from the wholesaler. Purchased price is $80,000 but rent is only 900$. I think this is the main reason I have no competition when I bought this unit. However, I do know this area can rent for $1250. I decided to bite the bullet and hold this property for a year until the lease expired so that I can raise the rent. The wholesaler charged me 10 grands for the assignment fee on this one. I can probably negotiate to cut down the assignment fee but oh well. I will try next time. I brought a partner on this one as well. Same old 50/50 split
Financing: 25% down with Commercial Mortgage at 4.8%
Rent: $900 ($1250 as of 2015)
What is happening to this property?
2014 update: not much is happening. This is quite one. The tenant paid late a couple times but that’s about it
2015 update: her lease expired and I raised the rent back to $1100 for her to stay which is still a good deal but she didn’t take the offer and left. I did a light rehab to the unit and was able to lease it again quickly at $1250 pretty quickly. This house is in a good school district