All Forum Posts by: Joe Zhang

The property was purchased from www.hubzu.com and closed in the end of July 2014. 

This is the first real estate purchase with my self-directed IRA account. The transaction was smoother than I thought. The custodian I am working with did a nice job so far. But I don't know yet how it goes in term of the rental management.

The purchase price is $117,000.  4 bed, 2 bath, 1300 sqf.  the lot is 0.6 acre.

The condition inside was pretty bad, nothing was working. it smelled horrible. I had to have the carpet replaced, get the trash out and much more ...

It's surprised that there were no leaks on the first day when the water was turned on.

The owner lost the house to the bank, but he still rented this house to a tenant for another one and half years. My question for him is if you received the rent, why didn't you pay back the bank, but rather choose to lose the house? where is the logic? what a crazy guy!

This has been a history. Now, I am hoping to turn the piece of crap to treasures.

The cost of repair is around $8000, maybe a little more.

it's ready. it will be listing for $1350.

I don't plan to hold this one for long term. I am not sure the time frame yet, hopefully not too long. Meanwhile I am making calls for the non-recourse loan if it is possible....

I will be updating my experience with the IRA custodian.

My friend's condo (800sq) @ enfield is renting $1500/mo right now.

The price is a little bit higher, but no much. I would negotiate, but if I can't I would accept it. Generally, it Sounds right to me.

Thanks! Jon! 78723

Pull the trigger! This was what I struggled but finally did it.

I am looking for the next one but getting harder in Austin, too competitive!

Thanks, I think I was lucky :)

Thanks, San Antonio is hot like a pot right now, I wish I live in there. Austin is getting too expensive in the last months.

Thanks!, Maybe it's better for me not to put out too much financial details. The profit was pretty good and beyond my expectation for this first one. I think I am lucky enough. I got this property from a wholesaler.

My first project in this new game and it turned out to be very successful:)

Property :

SFH : 3 beds 2 baths, 1385 sf built in 1969. Cash offer.

purchase price : $145,000

rehab cost : $41,000

ROI = 32.5%

Milestones:

1/21/2014 purchasing

4/16/2014 listing

4/21/2014 pending

5/16/2014 closing & funding

Before

work in progress

After

Hi, Bryan,

Thanks for sharing!

Joe