Inspired by recent podcast. I want to fuel it by one of the example of my own to prove again that boring is real sexy in real estate!
This is a typical deal in Houston Texas back in the 2011-2012. Single family home 1100 Square Feet 3/2/2 – 2006 built for sale by seller on the MLS – need no repair for $79000. I simply put down 20% as the down payment with a 30 years mortgage to close the deal
I spent a weekend to clean it up, lease it out, and multiple application came in within the 1st week on market.
Principle and Interest is only at $324.24. tax and insurance is at $316.49 (yes i do fight my property tax every single year) and rent is at 1150 . Anyone can do the math. This is one of those deal that i don’t even have to pull out my calculator to see how much is the return before i buy.
Unlike what you see on the TV show where they they chew each other head off at the court house to buy property, or have a team of 20 people show up to gut down the crappy house and put in fancy stuff. I send in a simple real estate contract to secure the deal, drag my gf out of her bed, and we showed up at the property after closing with a broom and the trash can
Fancy is sexy! Boring is sexier!
What about you? I would love to hear about your boring deal! please post it in the reply!