Sell or re-lease? El Paso Investment - big rehab water damage

[Amy K Foster]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $250,000
Cash invested: $115,000

Rental must be refurbed after last tenant, pool /hottub/ yard issue
Leak from water heater created major damage, but didn't compare to tenant issues
Making decision on selling/renting again to mitigate the costs of repair

What made you interested in investing in this type of deal?

Was original homestead and moved to rental property after move for work. Close to Fort Bliss. Has leased for 12 years, with limited issues, until now. Pool/hot tub

How did you find this deal and how did you negotiate it?

Purchased as bubble burst in 2008, market rebounding but not sure can cash out yet.

How did you finance this deal?

Current 13 of 30 year mortgage. Working on refi /cash out ... Would like to put into LLC for improved tax benefit and protection.

How did you add value to the deal?

working to establish quotes and refurb after water damage

What was the outcome?

on going

Lessons learned? Challenges?

Pets kept even though not approved
pool/hot tub addendum on how to care for pool ignored
professional folks renting, but went through divorce -