I'm back and working on 5th REO

[Kel S]

It's been awhile (life, busy, etc.,) but wanted to pop in and see how all the fellow investors are doing.

We received notice that the bank accepted our offer on what will be our 5th single family house (foreclosure). What is suprising about this one is it's the largest 3bed/2bath, 2 car garage, big fenced backyard) in a great neighborhood and it's thus far the cheapest of all of them. It also needs minimal work to get rent ready. Blows my mind sometimes.

3 out of 4 of our houses are rented on 1 year leases. The 4th we are finishing up since purchasing it. It needed new kitchen/bath/flooring, etc., and since it's just hubby working on it, it's taken longer than we hoped. But that one will be ready in a couple weeks.

What suprises me is that some of these houses that are priced so low, people could buy and pay such a low mortgage payment! But I suppose they are renting for a reason and perhaps they can't qualify due to credit or other reasons.

After this 5th one our goal over the next 1-2 years is to get a total of 10 rentals. We chose that number for the immediate future just based on what my husband can handle as far as maintenance, etc., as he works full time as well. Then we'll see how we are doing with them and re-evaluate and perhaps buy more.

Kel

[Kel S]

I'll take some pictures when I can. The bank accepted our offer and we are just waiting for closing.

Not interested in Apts and the main reason why is re-sell. If we ever wanted to re-sell I believe single family would be easier and more profitable. With Apts, the only buyers would of course be other investors (:

Yes, we've given a lot of thought to offering a owner-contract to prospective tenants and that has been mentioned to a few, though no takers yet. It's not something we've really pushed heavily though as we kind of like the idea of the re-occuring income that rentals produce and I think we'll really appreciate that income once we reach retirement age and all of the houses are paid off.

Kel