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Real Estate Finally evicted tenants from my $1,250 house after 4 months

Discussion in 'Real Estate Investing' started by BrandonS85, Jun 26, 2018.

  1. BrandonS85
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    BrandonS85 Bronze Contributor Speedway Pass

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    Was part of a 4 unit package deal at $5,000 down.





    This one certainly sucked but as a whole , this seller financed package has been a decent money maker.

    2 houses + 2 unit apartment for $5k down
    Seller finance payments of $725/mo (Taxes & insurance included)
    Ballon price in few years @ $110k

    • $18,000/yr gross rents under old rent scheme
    • $25,000/yr with some renovations and general rent increases.
    Most would say "Why would anyone sell something like this" - The answer was the guy was tired of tenants constantly lying to him. This is the 2nd tenant I've kicked out, the first one was gone and I had it re-rented in 3 days and put about $150 into covering up a floor. Increased rent from $350 to $650 a month.
     
    GoldMan79, ApparentHorizon and KLaw like this.
  2. KLaw
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    KLaw Gold Contributor Speedway Pass

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    Awesome vid. Awesome post. I've been doing a "land contract" out of state for 15 yrs and haven't seen the home in about 10 yrs. Yikes. Have done a few other homes and lost a little and broke even. Basically, I was that guy that had little cash reserve. Live and learn.
     
  3. steelandchrome
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    steelandchrome Author of The Retail Leader Book. Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Haha, "came with a free boat"

    Sent from my SM-G935V using Tapatalk
     
  4. NanoDrake
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    NanoDrake Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    You guys complain about 4 months?

    Try 4 years.... Yep, try Spain, Italy, France... the magic of Socialist agendas :bored::bored:
     
    GoldMan79 and Dramolion like this.

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