Another one under contract!

[Ryan Young]

I just put my 2nd rental property under contract today!  It was on the market for only 6 hours before I got this deal done.  Here are some of the details:

Listing Price: $75,000

Purchase Price: $67,000 (w/ $1,200 in closing costs covered by seller)

Estimated Current Market Value: $90,000

Repairs: $3000

Potential Rent: $900

PITI: $460

Very excited about this deal.  It is in a very good neighborhood (only 2 blocks from my other property) in the southern Mississippi area with a huge yard. l'll be able to get it rented out very quickly as this area is in high demand.  I am using a Conventional Loan with 20% down and funding the repairs with my own cash.  It already has new carpet, new appliances, AC was replaced only 2 years ago, foundation was leveled out (raised foundation), and a few other repairshave already been made.  I plan on doing some minor updating in the kitchen and bathroom in the near future and eventually do a cash-out refi to get my capital back out to purchase another one.  Ready to get my 3rd property now!