House #18: Tenant Is Gone

May 16, 2011 · 2 comments

The tenant in The Haggle House is now gone, and we’re getting the property ready to be listed for sale…

She left the property in good condition, so basically all we need to do is clean the carpets, replace some lights and faucets and touch up some interior paint. On top of that, the property is located on a corner lot next to a two-lane street, so we’re going to install a new fence for the back and side yards to make it much more appealing to families with children.

I expect the rehab to only take a day or two (and cost under $4000 with the new fence), and then we’ll stage the property. It should be listed for sale by the end of the week.

I’ll post pictures and an update when it’s up for sale…

2 responses to “House #18: Tenant Is Gone”

  1. steve says:

    Why did you decide against renting it again to someone else?

  2. J Scott says:

    Hey Steve,

    There are actually several reasons, but the big overarching reason is that holding it doesn’t fit into any long-term plan, so I’m just trying to get the highest ROI I can, which will be achieved by selling now. If I were planning to build a portfolio of rentals, this would likely make a good one to keep in that portfolio, but I’m not really enthusiastic about rentals (though financially, it would probably be the smart thing to focus on).

    The reason I originally held this one is that I didn’t think I could resell it quickly at my target sale price and not have FHA scrutinize the hell out of the deal. I figured that if I held for at least 6-12 months, an FHA sale would be much easier, and that’s where we are now…

    I may regret the decision later…

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