Real Estate Investor · College Station, TX · Member since 2011 · 105 posts · 18 votes
14y
Duplex BoA foreclosure- C class street surrounded by newer B class single familys. Listed Friday afternoon at 1:00pm for $48,500 with no pictures, met my agent at 5:45pm when I got off work to look at it and couldnt believe it still had a longterm tenant in one side that has been very nicely kept and the other side rentable as it sits, submitted cash offer of $48,600 with $2500 in earnest money at 7:00pm Friday night, offer accepted before lunch on Monday. Total make ready cost should be a couple hundred bucks but I always budget for new A/Cs if need be. Already have the other side leased as soon as I can close for total rental income of $1000/ month.
Different town and very different market. Good deals are almost impossible to find in this area but the market is consistently one of the most solid in the country-
Single family B class in highly desireable area surrounded by solid A class propertys listed on MLS for a few months at $109,900. Offered $90,000 financed with home warranty, 10 day inspection and all the usual BS, settled at $91,000 cash with a 3 day inspection period. Total of $2000 spent updating and fluffing it with me doing the labor myself. Easily leased to worry free tenants for $1200 month. Leases in this area are always signed up to 6 months in advance and as long as I do my part it will keep a 100% longterm occupancy rate. The plan is to refi it after 6 months and it should appraise approx $115,000. From an income standpoint this one is a dog but when you look at the market and area it is a steal.