Mike was an owner of the house which I helped my very first client lease. So I knew him well as a very responsive and helpful landlord. When he asked me to locate an investment property for him, I was very happy to assist him because I knew someone was going to have a very good landlord!
His opportunity came up very quickly. A family moving from Japan wanted to write a five year lease to a 4 Bed/2.5 Bath/2 Car Garage house in Dublin particularly where their son can attend the Indiana Run Elementary School . The only problem was that there were no houses for sale in the price range that Mike can purchase to fit this family’s budget.
So I asked listing agents of three houses which were for sale in the school district if they would entertain our offer. One did not reply. One said, “No way”. The last one said, “Not quite as low as the price, but in that range.” and explained a little further that the hospitalized wife is pregnant with a twin and the family planned to move out of state after the sale of the house.”
I made a showing appointment to this house next day and arranged to introduce Mike to the tenant to be. The tenant loved the house and so did Mike. We made an offer the same day and went into contract two days after on January 21, 2013.
We closed on February 8 as scheduled thanks to the Arlington Bank. The tenant was supposed to move in on February 12. However, I forgot to remind Mike to switch the accounts under his name before closing. The electricity got turned off and couldn’t start up again until the next Monday. The contractor’s work to install ceilings lights before the original move in day got pushed back. We had to ask the tenant to move in on 16th instead! However, the tenant is very happy to be able to move into a house in the desired school district within his budget.
【4 Bed/2.5 Bath/2 Car Garage Single Family Home in Dublin】
cap rate/year (NOI) 6%
pay off comes in the 3rd year
【Comments from Mike】