How I got my #7... and pics of #6 before and after

[Jon Huber]

I purchase a home in Boca Raton, FL as a "live-in" BRRR strategy, so I could take advantage of the FHA guidelines. This was my 6th, and I fully intended to rent it out after it was rehabbed. It was purchased at a fantastic price of $240k, and during the year that I lived there, put about $20k into it. Gutted the bathrooms, changed out the lighting, painted inside and out, landscaping, and done. Now that I am all in for $260k, recent sales in the neighborhood (and all houses are the same floor plan) are $300k+. These homes also had deferred maintenance, without any of the upgrades that my house does. Now that it has been a year, it is time for a new primary (7th) and rent out this home.

   With two homes on the same block in the neighborhood I wanted to move to, I was sold on the nicer of the two, even though it was more expensive. The seller was unwilling to negotiate his above market price, so my realtor and I say "we can always just buy the other home on the same block for much, much cheaper and kill your comps." He was still unwilling to come down. The seller being skeptical of me putting in another offer, we decided to put an offer on the other property without any intentions of getting accepted... hence the terms. Six weeks to close, 5% down, and a purchase price that would make any normal seller tell me "where I could put that offer". With this offer, we showed the seller of the higher priced home, and he was still not willing to come down. And then something happened... The other sellers accepted the offer, with a few minor adjustments. Wow.

  It's been over 9 weeks now, and the other home is still on the market (although after closing on my home, the seller reduced his price $15k... not enough though).

Attached are some before and after pics of the 6th rental property...

BEFORE

Front of house... over grown landscape

Master Bathroom

Guest Bathroom

Closet

Living Area

AFTER:

Front of house

Master Bathroom

Guest Bathroom

Closet

Living Area

Another success story... and I am already plotting my next one. Thank you all for your help and support.