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The first chase

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News-Staff
Posts: 11
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Joined: 2 months ago

For the first time in ten years, it is a commemoration and a lesson.

In 2015, I bought an old house in the suburbs of Seattle with three bedrooms, 1900 square feet, 430,000. The house is quite noisy by the roadside. I fancy it is large and not far from the lake. I dream that it may be demolished and rebuilt one day.

After buying it, I did some renovations, changed the kitchen, repaired two toilets, and replaced the roof, which cost nearly 100,000. The first time I engaged in decoration, I found that the budget was difficult to grasp, and it was luck to find reliable decoration workers. In short decoration is not my thing. Both my husband and I belong to the kind of hands-off shopkeepers, afraid of trouble and incapable of doing things.

The husband found an old lady to live in, and the rent was 2,300, and he often defaulted on the rent. In 2017, it was handed over to the management company, and the rent was collected on time. However, the maintenance is constant. The annual maintenance fee ranges from 5,000 to 15,000, and the rent increases by 100 in five or six years. I started not paying rent at the end of last year.

Because of covid, the city where I live needs three months' notice to sell the house to evict people. In January, the notice was given, and in April, the tenant asked for an extension of one month to move in by himself. However, there was still no movement by May, and the decision to evict was made. The management company hired a lawyer, went to court, and kicked people out in mid-August. The tenants left a whole house of garbage behind. It took 3,000 for the company to move things to the front yard for the tenants to pick up, and the three people moved for nine hours. Two weeks later, the front yard was littered with discarded objects, and it cost $2,300 to haul the leftovers to the dump, a full four truckloads. The old house was even more dilapidated after they lived in it for seven years. The broker suggested laying the floor and painting the walls. I felt that I needed to dismantle and refit it all, so I had someone clean it, trim the yard, and make the necessary repairs before listing. (10K)

Zillow and rendfin had an estimated value of 1.2 million and put up 900,000. There were a lot of people who came to see it. The house was too dilapidated, but no one made an offer. After two weeks, I received two offers of 800,000 yuan. I chose one to accept it and signed it today. Selling the house at this time may be a cheap sale. When the interest rate is lower, the house price may be able to rise. However, I am really tired of this old house and can't wait to get out of the relationship immediately!

I don't remember which boss said that the rushing people belonged to the landlord and graduated. So I was so sorry that I had to comfort myself that I finally graduated.

lesson:

1. Resolutely do not lend to those who have been expelled

2. Don’t lend to low-level freelancers

3. When expelling, we should act decisively and never listen to the words of procrastination.

4. I am only suitable for buying a new house or a new house. I have few headaches, basically no repairs, fast appreciation, easy to find tenants, and high rent.

5. Don’t buy a house by the water or by the road (the house by the road is too noisy and everyone doesn’t like it. It is very troublesome to build a house if there are creeks and wetlands, and the usable area is also reduced.)

Settlement:

Selling price: 80, maybe 73 after removing the fee

Purchase price: 43, (10% down payment)

Decoration: 10

Maintenance + management fee: estimated to add up to about 70,000

Rent for 6 years: 160,000

Tax? did not do 1031

Who will give me a rate of return? How to vote next?

thank you all

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