Hey folks,
An update from sunny and hot SE Asia.
Lease Option 1: No issues, resigned the lease-option for another year - no late payments, good tenant communication, all good.
Lease Option 2: Perfect, no issues.
Other properties: Nothing major, dealing with my first vacancy, super smooth actually - time in/time out is exactly (4) weeks.
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New stuff: About two weeks after my last update, a couple deals fell into place, both within a day or two of each other. I proceeded with them and scrambled to put together some private money for them. This worked out really well and I got the opportunity to pull in a new private investor that had signaled interest earlier in 2015. Closed on these homes both in late Jan-16 and below are the details.
New Property 1: 3bd/2ba 1500sq ft, already rented with an excellent tenant at $650/mo. Purchase price $26k, ARV ~$45k. Outside of my normal great school district but a great part of town and a solid deal. No immediate maintenance/repairs required. Plan is to keep this as a rental through the duration of the existing lease and then roll the current tenants over to a lease-option later this year (they've expressed strong interest in purchasing, their credit and income is good/FHA qualified).
New Property 2: 3bd/1.5ba 1550sq ft, my first REO/bank purchase. Purchase price $42.5k, ARV $85k. This one is my standard great school district. Renovation budget looking around ~$8k but I'm still assembling the full scope - I was a little slow getting the utilities on and the project manager engaged. The plan is to put this one on a standard 2-year lease option, $950/mo and purchase at $89k.
I'll post more updates as I put together the full scope and numbers become more concrete. Photos too.
No more purchases for the foreseeable future (seriously this time) as I throw rents + W2 towards quick private money payoff (<4mo) and get stabilized for eventual W2 reassignments later in 2016 (again, likely USA/Texas).
Belated happy new year MMM.