Micro House #6

[Trey Leigh]

We close this week on number six, it's a tiny wood frame house (500 sq ft) that the owner was previously renting for $500/mo. before he bought it.  He had it leveled within the last two years (pier and beam).  He asked $25k and we settled for $22k cash.  Went to the bank and after closing they will give us a mortgage on it for $22K.  So we'll be out closing cost which should be less than 1K and make ready (some paint and carpet).  Estimate total out of pocket to be less than 2 thousand.

Rent $500

Taxes $510

Insurance $325 with 3% deductible

My first true 2% deal.