An Update - Long time No Post

[Craig Steltz]

Hey all. I came to this forum back in April with a bunch of questions. Thank you to all of you who took your time to answer them and help me out.

I wanted to provide an update of what has occured.

1. I purchased a condo at a foreclosure sale for $83,000. The condo is now leased to own at $999.00/month. Looking good there.

2. I purchased an REO condo for $92,000. Just closed on the sale of it today and walked away with $7,000. Not huge but you know what I probably put in 10 hours of work. Not bad.

One thing I learned is that I like this business. But I like to work close to home. Call me lazy but between gas prices and travel time I want to be close to my properties. There is a garden apartment building, 6 unit, for sale about 1 mile from my house. Listed at $295,000 for the 6 1br units. I'm thinking I could get it for $265,000 with no agent. The rents are $500/month but there is a $100/mo condo fee. There are two nice pools and it is an upscale apartment complex. What are your thoughts on this?
I really like the idea of being close. How difficult is it to get financing on a 6 unit property?

Lastly I purchased Quickens Rental Property manager. I recommend it to anyone that is new. Real easy to use and makes it easy to manage the paper side of properties.

Take it easy and keep making money

OhioBuckeye