New deal purchased in Minnesota

[Timothy W Hanson]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $390,000

I purchased this single family house in the Twin Cities (Minneapolis-St. Paul) to rent out and also hold onto because I really like the neighborhood. The mortgage is $1,600, and I have rented the home for $2,400 a month. I believe I could have rented it for more, but I am happy with the renter. Not a huge cash flow machine, it makes $500/month after setting aside money for property tax and insurance.

How did you find this deal and how did you negotiate it?

Found on Zillow.com, it was an 'Early Listing' and needed to compete with others offers.

How did you finance this deal?

Conventional Loan

[John Woodrich]

Quote from @Daniel Anshus:

@Timothy W Hanson hey Timothy congrats on getting a property! I’m curious to know why you’re saving for taxes and insurance when your mortgage payment has that included unit

 Not all mortgage payments require using escrow for taxes and insurance.  Non-conventional purchases (CD) also typically require you pay insurance and taxes separately.