Updated over 7 years ago on .
Selling a flip I rented out for $1,950, Net $700-800/m. (turnkey)
I'm a fix and flip investor in Northeast Ohio, and I recently did another project in Fairlawn. It's a fantastic neighborhood with great schools. Virtually nothing is available for rent there, and everyone wants to get their kids in Fairlawn schools, as Akron school district is not great.
I was going to sell this property, but decided to rent it out because it would net me $650/month, which is pretty much unheard of in other markets. I don't want to refinance, I would rather just sell it as a package turnkey rental and pull my money out. I'm not in the property management game, but I do have a good relationship with the tenants, and this would be an easy rental to manage.
I don't care much about the purchase price, but I do care about pulling my money out of this project and putting it into the next one. Retail the home is in the 210-215 value, but with realtor commissions and such, I would be open to selling it to an investor for 200. I can even sell it to you for 220 and credit you $20k at closing, so you only have to put down $24,000 instead of $42,000. With a note around $1,100 an out of state investor could easily pocket over $800 per month.
Tenant: Fantastic tenant, mom/daughter and dogs.
Rent: $1950/month, 12 month lease.
Annual Taxes: $2,400
Appliances: All come with the home, except tenant owns washer/dryer.
Pictures: See Pictures & Listing
Feel free to message me with any questions!
Jared