Little place, built in 1994. 1100 square feet. Totally reconditioned with HVAC 4 years old, roof 6 years old. It's the last house on the street in the last subdivision in town. The land directly beyond it is unsuitable for building lots without a bunch of dozer leveling so the development company just blew it off and left it empty. The current resident has cleared about a quarter acre of it and keeps it mowed. Technically, of course, it's not a part of the property but the resident, who has been there since the house was built treats it like an extension of his yard. The development company who built it is a very big developer with projects all over central Kentucky, so I doubt if they even remember the area that they deemed unsuitable for building on back in 96. They've moved on to bigger and better projects a long time ago and it's doubtful if they will ever show up and want to invest any time in the unused piece of land. So basically, there's a lot of open space that's just been sitting there. Beyond the quarter acre piece that the former tenant has been mowing and storing his stuff on, it's all scrub brush sitting below an embankment that would need a lot of work and money to make suitable for building, so it's going to continue to sit vacant and whoever lives there can use it for a garden or whatever.
Anyway, It's a nice little budget property in a very low crime area. We bought it for a rental investment and also for a low maintenance little place for my wife to live in during her retirement years.
It went on the market on the 7th and had 3 full price offers on the table on the 9th. We've been looking for a while and had a lot of the red tape already finished, so the seller took our offer out of the three that were on the table.
I had good luck with rentals back in the day. Only reason I haven't invested in them now is that I'm still rebuilding my nest-egg from getting cleaned out by wife #2.
Little place, built in 1994. 1100 square feet. Totally reconditioned with HVAC 4 years old, roof 6 years old. It's the last house on the street in the last subdivision in town. The land directly beyond it is unsuitable for building lots without a bunch of dozer leveling so the development company just blew it off and left it empty. The current resident has cleared about a quarter acre of it and keeps it mowed. Technically, of course, it's not a part of the property but the resident, who has been there since the house was built treats it like an extension of his yard. The development company who built it is a very big developer with projects all over central Kentucky, so I doubt if they even remember the area that they deemed unsuitable for building on back in 96. They've moved on to bigger and better projects a long time ago and it's doubtful if they will ever show up and want to invest any time in the unused piece of land. So basically, there's a lot of open space that's just been sitting there. Beyond the quarter acre piece that the former tenant has been mowing and storing his stuff on, it's all scrub brush sitting below an embankment that would need a lot of work and money to make suitable for building, so it's going to continue to sit vacant and whoever lives there can use it for a garden or whatever.
Anyway, It's a nice little budget property in a very low crime area. We bought it for a rental investment and also for a low maintenance little place for my wife to live in during her retirement years.
It went on the market on the 7th and had 3 full price offers on the table on the 9th. We've been looking for a while and had a lot of the red tape already finished, so the seller took our offer out of the three that were on the table.
My girlfriend has 5 rental houses. Got a vacancy in one and is down there painting it today.
I did all the maintenance on them for 12 years and I am sick and tired of it. I wish she would sell these rentals.
I know what you mean. *THE* big reason I wanted this house is because it's had the major maintenance done on it lately,...roof, furnace, air. I don't really know why the guy wanted to sell it. He inherited the family farm and moved there. But he had this house paid for, ready to go, and could have pulled $1100 a month rental out of it. Also, the way property is appreciating around here it's just going to be worth more as time goes on.
But whatever. I guess he's got a project in mind that he needs some cash for.
I must say, on the other hand, my girlfriend has made herself a millionaire on these rentals. It took 20 years, but you buy the house, let the tenant pay the mortgage for 20 years, times 5 houses, and you will make a million bucks or more. Lots of work, though.
My one piece of advice. Be VERY careful when screening new prospective tenants.
Little place, built in 1994. 1100 square feet. Totally reconditioned with HVAC 4 years old, roof 6 years old. It's the last house on the street in the last subdivision in town. The land directly beyond it is unsuitable for building lots without a bunch of dozer leveling so the development company just blew it off and left it empty. The current resident has cleared about a quarter acre of it and keeps it mowed. Technically, of course, it's not a part of the property but the resident, who has been there since the house was built treats it like an extension of his yard. The development company who built it is a very big developer with projects all over central Kentucky, so I doubt if they even remember the area that they deemed unsuitable for building on back in 96. They've moved on to bigger and better projects a long time ago and it's doubtful if they will ever show up and want to invest any time in the unused piece of land. So basically, there's a lot of open space that's just been sitting there. Beyond the quarter acre piece that the former tenant has been mowing and storing his stuff on, it's all scrub brush sitting below an embankment that would need a lot of work and money to make suitable for building, so it's going to continue to sit vacant and whoever lives there can use it for a garden or whatever.
Anyway, It's a nice little budget property in a very low crime area. We bought it for a rental investment and also for a low maintenance little place for my wife to live in during her retirement years.
It went on the market on the 7th and had 3 full price offers on the table on the 9th. We've been looking for a while and had a lot of the red tape already finished, so the seller took our offer out of the three that were on the table.
I must say, on the other hand, my girlfriend has made herself a millionaire on these rentals. It took 20 years, but you buy the house, let the tenant pay the mortgage for 20 years, times 5 houses, and you will make a million bucks or more. Lots of work, though.
My one piece of advice. Be VERY careful when screening new prospective tenants.
My one piece of advice. Be VERY careful when screening new prospective tenants.
And tell the tenants that you will even replace burned out light bulbs! Doing so enables you to keep an eye on it and see how it's being taken care of by tenants more often than usual and they are none the wiser.
I must say, on the other hand, my girlfriend has made herself a millionaire on these rentals. It took 20 years, but you buy the house, let the tenant pay the mortgage for 20 years, times 5 houses, and you will make a million bucks or more. Lots of work, though.
My one piece of advice. Be VERY careful when screening new prospective tenants.
" .... My one piece of advice. Be VERY careful when screening new prospective tenants.
You ain't kidding. It is not unusual for renters to become the albatross around the neck of the owner of the rental, and it can be very costly and time consuming to get them out.
L.W.
"Always go straight forward, and if you meet the devil, cut him in two and go between the pieces." (William Sturgis, clipper ship captain, 1830s.)
Well, sort of. It's a positive cash flow after we put 25% down. Like I said. It's just a different form of an IRA. But also, I wanted a nice little low maintenance place for my wife to retire in. So it's there for that. We also own our previous residence in Lexington and have it rented. So, she'll have some options down the line.
