This pig looks nice... Day-24 of my #100DaysOfRealEstate challenge

In the last blog post I wrote, I was waiting to see if the condo apt that applied for FHA could be rented using Airbnb. The administration got back to us and said it was forbidden. This limited our options. My partner and I decided to back out.

I felt tired and disgusted about the process. It didn't feel good at all. It was like i've wasted a lot of time and getting nowhere. Although I knew that it wasn't that great of an offer anymore, I insisted to my gf that we should just go for it. Thank god I'm not alone because sometimes I get impatient and just shoot without thinking. She made me put that property in the past, just accept it as a learning process, and I moved on.

Same day I started looking online again, same day I found another potential deal. Walking distance from where I currently rent, because love location, and asking price was only $44,000. The asking price is because it's a repo. Compared to the last condo apt I let my emotions get into, that asking price was $137,000, what a difference. If I didn't rent the last apartment, I needed to pay $900 for expenses. If I don't rent this repo, mortgage would be less than $200. So I'm getting more cashflow with less risks. If we wanted to we could just move in to the apartment, something we would not have done in the other condo.

Another super plus is that one area appears to an open room that we can close again. The listing says it's only a 1 bedroom. We imagine that by closing this room and making sure it qualifies as second room, we will increase value in property immediately. Such a better deal than the last one and I was already trigger-finger.

It's not all fun and games though. This property needs renovation: clean pigeon s***(infection), whole new flooring, and fix kitchen up. This is not a big deal since asking price is so low and we can pay up to $13,000 to fix.

I'll keep you guys (if somebody actually reads this) posted. Today is my Day-24 of my #100DaysOfRealEstate challenge.