I think this is a good thing!!!

[Landon Elscott]

Yesterday, I just signed papers to accept a sellers offer of $36900 on a 2Bed/1Bath assessed at $58,000.

Already have the pre-approval, don't foresee any issues with inspections, and should be closed up before May 23rd. Since, I don't foresee any problems, I went ahead and just put a blurb out on a local "Housing Wanted" group on Facebook that I should have a place available sometime near June 1st for $650. I gave a few details, but nothing too specific about the actual property.

And my Facebook has been going nuts with messages. Originally, I wasn't going to allow pets, as the house is in very good condition - the sellers had to renovate after tenants destroyed parts and now they just want out of this particular house 2 hours from their office. Anyways, there is a HUGE demand for rentals that allow pets and since this backyard is completely fenced, people have already expressed interest in paying a premium for welcoming their dog.

So, the numbers:

Value: $58,000 (Assessed at, but probably wouldn't resale at that right now.)

Purchase Price: $36,900

Down Payment: $9225

Mortgage: $29000 (Closing, some repairs, etc.)

Expected Rent: $7800 annually

Probably closer to $8400 with pets

And I sorta think that might be a good niche to fill as if screened right, well behaved pets can be a cash cow.

Annual Mortgage: $2520

Taxes: $1200 annually

Insurance: $500 annually

Anyways, I literally get a new message every 1/2 hour inquiring about this upcoming property, and also have gotten like 15 messages asking if I have other properties available (3Bed or 1 Bed). At this point, I don't mind them thinking I have more than one property when this is my first, because it puts me in a good situation to always have inquiries and potential tenants on new properties. That, and I already set one inquiry up with another landlord and might get $50 referral if he passes. I'm sure that landlord has just as many queries, and maybe he doesn't need my referral at all - but if advertised a referral fee I'll see about taking advantage of that.