Terra Padgett

TAG Capital Holdings in Humble, TX

Terra Padgett with Gene Padgett

This is a unique win. The property was the ex-marital home of my husband that we turned into a rental when we got married & moved into our new home. This was our first "rental property" & it was before we really even got into real estate investing & before joining Fortune Builders. After an unsuccessful 1st attempt to sell the home in 2018 (on the market for several months with little to no interest), we rented the home to a HUD tenant. Though the income was guaranteed, it wasn't enough to cover all expenses. After a 2nd unsuccessful attempt to sell in 2020 (got under contract w/Zillow & then they backed out last minute), it was vacant for a couple of months & then the market shifted to what we're seeing now in 2021. We listed a 3rd time & sold for Full Ask.

Rental Details

Property City:

Spring

Property State:

TX

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Case Study

How did the FortuneBuilders team and resources help you to accomplish this deal?

Over the few years we had the home as a rental, we got into real estate investing more seriously & joined Fortune Builders. Of the many many things we've learned, the biggest on this property was all of the different profit centers. Though we didn't profit from a cash flow perspective, we certainly did from the appreciation, tax advantages (Gene is a CPA), & equity accrued in the home.