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

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BrandonS85

Silver Contributor
Speedway Pass
Sep 8, 2015
143
537
36
Ohio USA
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.
 
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KLaw

Gold Contributor
Speedway Pass
Aug 4, 2012
917
1,064
ohio
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.
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.
 

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