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Update on another rental sold

Discussion in 'Living in Sin (City that is)' started by tominiowa, Apr 27, 2016.

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  1. tominiowa

    tominiowa High-Roller

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    I sold another rental house this winter. It was in North Las Vegas just a few blocks from the hog farm
    I have owned it 3 years and did all right renting it out but wanted to sell it as the only tenants seemed to be
    section 8. The neighborhood was iffy also. In fact the reason my 2 tenants I had left was because of safety concern.
    Last tenant got broke into twice in one year. He did not do somethings right and deserved a little of the blame.
    FYI I paid $139,000 September 2012. It was 4 bedroom 2 1/2 bath with pool.

    I sold it in 8 days with a listing price of $199,500. By the time we settled on different things I would say I got
    $193,000 for it. Of course less expenses and realtor fees at 5 1/2%.

    Biggest hassle was the above ground spa that I more of less just gave them. The tenant used it and it was drained
    and they wanted guarantee it worked. I filled it to show the jets worked. But of course you could not test the
    heater unless you just let it run. Seems whenever a person sells a house some stupid thing comes up.

    If you haven't heard a week after the offer was accepted they announced the hog farm is being moved towards Pahrump.
    Should help values but am afraid it is too late to change the neighborhood. The elementary and mid schools had a grade of
    D and D-. Not good. So now I am rid of 2 houses and have 2 rentals left. I have no plans to sell those as they are easy rents
    in great neighborhoods and very close to my vacation home. One still has same tenant that moved in after I bought it 6 years ago.
    Other has current tenant going into 4th year.

    They are worth well more than paid for but are stable investments now. 4 rentals were just too much to control miles away. Plus I wanted
    the profits to help payoff the vacation home My plan worked, but of course IRS wanted to make sure to get a cut because I was right.
    Capital gains tax wasn't bad but the additional tax on passive income was the tougher pill because of my other income.

    I can look forward to that hurdle this next tax year again.
     
    Last edited by a moderator: Apr 27, 2016
  2. mrstealth

    mrstealth High-Roller

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    Yeah, even though the hog farm has sold, it is going to be a long time before any changes happen. I think part of the sale was a condition they are given several years to wind down their operation, and then planning/permits/approval for the new development will take who knows how long. I know they have wanted to get the farm out of there for quite a while so they probably will fast track the approval of the new development once the family actually shuts the pig farm down. I was kind of surprised how much they got for the farm, but for a developer it probably is hard to find a large parcel like that.

    It's interesting because the hog farm actually had 1 important benefit to Las Vegas and that was the fact it took a lot of the recylacable food from many of the buffets (LOL). I guess during summer months it could get pretty ripe out there and the smell was awful.

    Anyway, congrats on the sale.
     
  3. tominiowa

    tominiowa High-Roller

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    It can get ripe around there esp with a south summer wind. He owns I think 120 acres in one plot. Hogs are just on about 40 acres of it
    I understand he will stay in business just build new by the landfill towards Pahrump somewhere so the buffet leftovers will still get used.
    I am sure it will more than 3 years before anything gets moving around there.
     
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