1st 2015 Rental Deal - why is it so hard to find deal these day?

19 Replies

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!

Before

After

@Huy N. nice rehab! That was one ugly house before you got your hands on it - my dream home!

Investing is difficult when you don't have a full time job. Stacking one on top just makes it that much harder. Sounds like you have an understanding boss - always nice. Did you take him out to lunch the next day to say thank you for letting you have the afternoon off?

The markets seem to be heating up almost everywhere, and people are rediscovering what a great investment real estate can be. One of the best pieces of advice I ever got was "Tell absolutely everybody you know or meet that you are a real estate investor, and that you are always looking to buy houses in bad condition." or whatever you are looking for. 

Great story, thanks for sharing!

looks awesome!!! Good job. I'm in the same boat as you. Very similar stories. 

@Mindy Jensen

yes, i'm so grateful to have nice bosses! i use that privilege very carefully and never abuse it, and work extra hours whenever i can to even it out :p

@Alexander A.

Thanks for chime in! I know that somewhere out there, there will always be a guy or gal who is also doing the same thing and facing the same challenge. I would love to hear your stories.

Nicely done!  Here's to more kidnappings!

Nice job.  As to the question, I was reading yesterday that four of the seven hottest markets in the US are in Texas.  They are Dallas, San Antonio, Houston, and Austin.  Luckily for me it looks like the craziness is staying in the cities but I can't see how people can make decent money on what I have been hearing about as "good deals" in DFW.

When I have the money I don't have the time; when I have the time I don't have the money.  Funny how that works for most people ... 

Great story and great job on the rehab.

Great purchase. I am in the same boat as you - full time job which makes it stressful to view properties on short notice.

@Huy N. - great job!  Now you can enjoy the cashflow!

What's the ARV on that house?

Great story and job well done!!

Lookin good.

Nice job on the rehab and the numbers look good as well.

Were you able to get the rehab done for 10k like you planned?

Rehab looks very nice! Congrats on getting the first property done. Now on to the next! 

Originally posted by @Michael Noto :

Nice job on the rehab and the numbers look good as well.

Were you able to get the rehab done for 10k like you planned?

 Yea Michael, fortunately this one is fairly straight forward..except that my newly planted plants and flowers stolen in front of the house! It set me back.... $65! i was so mad but when i think about it now it was pretty funny. i rather have the flowers stolen than the AC condenser lol

Congrats on the good buy! Rehab looking great too! 

Next time plant some man-eating flowers, thieves will think twice

Rehab look great.really well done

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here