All Forum Posts by: Reynaldo Aranda

@Account Closed My property is a old Victoria that was converted to 6 units, 2 efficiencies, 2 1br and 2 2br apts downstairs.  My rents were in par with the competition in the area I had a lot of $500 all bills paid I had to compete with.  As far as the area, it is located next to a historic district neighborhood, that area is definitely everything you want for your daughter. The spill is just making its way down to my neighborhood and its a potential historic district with the city, but has not happened.  There was a mobile home park demolished two blocks over to make room for townhomes and rehabs have started to increase. If I were to deck them out Im sure I could rent for 500-750 but still need to do more homework. All my clients have been lower income, but have been receiving calls from young people looking for studios.  

@Tim Macy I am right outside the King William/Southtown area.  What you and @Randy E. pointed out is what I was feeling but I was just getting a little tired of the renting side of things and wanted to make more money and the profit could help that,  but at the same time this area is extremely hot and would hate to sell after I have been waiting all this time for this area to flourish.   

Sorry for the confusion @Barbara G., thanks for the input. I would like to definitely keep investing if sold. I want outside perspective since I do have a sentimental value on it with many years of sweat into the place. Bottom line I can keep renting and pay off in 2020, keep collecting rent but will need a big rehab (would increase rents, downtown living is trending) or sell and use 100k to reinvest.  I am currently working on a deal to purchase a duplex for 30k and work full time, so looking for that work/life/real estate balance.

Purchased for $115k in 2002 on a 15 yr note, I refinanced for 2% and extended to include property taxes. I manage my self. Owe 49k today. When full I receive $2500 per month and is usually full, 2 years straight now. I currently pay $1200 mortgage and average 3k yr on maintenance, I do a lot of repairs myself.  On average profit $800-$900.

I should mention house in on a residential street, I was a old Victorian home that was converted to 6 units already when I purchase.

I have a 6 unit apartment building 2 miles from downtown San Antonio.  Within the last year I have received multiple offers from investors. I have 5 years to pay mortgage off. I owe 49k, and receive $2500 in rents when full.  Building was built in 1900 (4600 sqft) so it does need some repairs but overall very well built. A full rehab would cost approx. 75-100k. Offers are between 145k-165k and county appraisal is at 170k. Comps were 150k last year but there has been a bungalow (1300 sqft) rehabbed on my street selling for 225k.  Once I pay off it would take me approx 10 years from today to make est 116k profit at the highest offer right now.  Any advise??