1st 2015 Rental Deal - why is it so hard to find deal these day?
I will answer the above question myself: I haven't look hard enough and didn't make enough connection! I need to tell myself it is not because of the Market. It was all because of the lazy me!
With all the layoff in Oil and Gas right now i was forced to pay more attention to my job while still have to keep an eye on all the current rentals, while expanding the portfolio. This seems to be like the toughest thing to do on planet earth!
With all that said, I managed to add the 1st rental into my portfolio this year. It was in the middle of the day and i was working my day job. The wholesaler email came in with a house asking 80k with 10k repair with rental rate at $1250. After taking 10 mins to double check the numbers. I asked the boss to take the afternoon of and..get the hell out! I rushed to see the property. kidnaped my wholesaler, bring him to the bank, hand him the cashier check and get the contract signed!
Rehab is fairly straight forward with some little drama as usual. I then have my property manager listed for $1250 and have the lease signed with double deposit couple weeks later. I can not stress enough the important of having a good property manager. I originally want to list for $1200. But somehow there was currently no competition in the neighborhood. I agreed with the manger to list it at $1250. Best decision ever made!
Being an active investor while holding a fulltime job is so hard! Is anyone struggling like me out there? I would love to hear your story and how you deal with it!
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