Wow - 4 Offers Over List in 24 Hours!
When I first started investing in real estate 5 years ago, the first house I did was a flip. The second one was my first rental.
That rental has had a great tenant in it, with regular rent increases, for the last four years. Had to replace the AC a year ago, but other than that, the house has been pretty maintenance free. The tenant got married and moved out, so I decided to sell it to take some equity out.
Paid $42K for the house back in 2011. We didn't keep as detailed records back then, but I think we only spent $12K on the reno to get it to "rent" level, and just spend $15K on a fresh renovation to get it to "sale" level. Meanwhile, I've been collecting rent and cash flowing a little over $250/mo after mortgage, proptax, insurance and repair reserve, for the last 4 years. The repair reserve paid for the AC replacement last year.
I comped the house at about $109-110. Decided to list it at $106,900 to get a quick sale, since Uncle Sam wants $101,000 on April 15 (Which I had in my tax reserve a couple months ago, but decided to make my CPA & bookkeeper sweat a little by spending it on a house at the Trustee Auction. That house will be done next week and I'm sure it'll be sold and closed by April 15, earning me an extra $25K for my tax reserve....but just in case, let's get this one sold quickly!)
Listed the house at noon yesterday for $106,900. http://www.realtor.com/realestateandhomes-detail/3... By noon today, I had offers for $108, $110, $112,900....and $120K. We've said we'll accept offers through Sunday at 5pm, then select one.
Gotta love this Texas market!