I bought this house in 2015 for just over $130,000. I have used it as a rental since then and we have had it rented from $1,400 to $1,500 a month. The value has gone way up and the return on my equity is not very high. We last rented it for $1,500 a month and we are going to sell it for around $275,000! My loan is around $80,000 on this property which leaves me with a lot of equity. There was also a crazy shootout with the police just two blocks away from this house. You can read all about it here:
I am going to use a 1031 exchange to sell this property and move all of the equity (minus selling costs) into a new rental that is listed for $430,000. I have 6 to 7 weeks to sell this one so we are short on time! The new rental has three houses and a commercial building. It rents for over $4,000 a month. I will get a private loan for the difference of the equity I will bring and the purchase price of the new property and then refinance it later on, to take cashback out.
This rental was beaten up a little bit by the last tenants but not too badly. We have had much worse! We ended up replacing the carpet, paint, kitchen, and we will replace the roof as well since it has hail damage. We replaced the windows too. if we were not selling the house and keeping it as a rental we would not make not nearly as many repairs.
You can see the video when I first bought it here:
Here is the video after the most recent tenants moved out:
Here is the worse tenant trashing we have seen: You can see the trashed rental from a few years ago here:
All my rentals are on
My free book is here:
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