My last blog post advertised a house that my development company plans to tear down to make way for a mixed use commercial development at the Rainier Beach Light Rail Station. We closed on it one week ago.
The house was previously rented, but it has been vacant for at least a year, and the yard has become seriously overgrown. It was cited by community residents as a property in need of clean-up, fix-up as part of the Mayor's Community Walk in Rainier Beach last week.
Yet, it will be at least six months before we demolish the house and grounds.
So I advertised it as a short-term rental at the low, low price of $500 per month. I was looking for a handyman or tenant willing and skilled in making house repairs, property improvements, and willing to do extensive yardwork (bids to just clean up the yard ranged from $500-1000).
I was swamped with calls and emails, as would be expected at this price. I had many outstanding applicants from which to choose.
My top candidate is former military, employed by a Security firm. This applicant was willing to pre-pay the six months rent in full, make all necessary repairs and clean-up, and even hire me to help her buy a house at the end of the six months. That is certainly over the top, stand-out from the crowd material! She signed her lease agreement today.
Other investors offer the purchase of a house at a good price to lease-option buyers, who are willing to do all fix-up and repair. So it is possible to do....
Happy Investing!
No comments:
Post a Comment