Rental Property Number 10 purchased
I am up to 10 now after buying my first rental December of 2010. I bought this home for $99,917, it is a 3/2 built in 1956. I used a 5 year ARM at 4.1725% with 20% down from my portfolio lender. I think the home will rent for $1,250, but we will see. This town is about 10 miles from me and has less than 5,000 people. But the town is very close to the booming oil fields and there has been nothing for rent. The last two places for rent were a $600 a month bedroom in a house and a $700 a month studio. They both rented right away.
This house was bought off of MLS and seller paid $2,000 in closing costs. I actually bought it March 19, but I was in Mexico and forgot to post details on it! It needed about $2800 in work which is complete and we put it on Craigslist today.
I have a lead on number 11!