#19 rental was purchased today

[George P.]

a few days late since i am super busy with the current rehabs, but closed on #19 on thursday night. 

worked on it for awhile with the listing agent and the brokerage. they apparently have a great relationship with the feds and kept trying a few times to get the best price. about a month+ ago, it was listed at 72k, i believe. then a few days later it dropped to 64.9k. i offered 52, but they didn't take. they said they had another offer. then i offered 55 and stuck to it 3 times in a row. they said best they'd do at this time was 55.5, so i took it.

it's in Garden City, but on the border with Westland. it's on a cross road (one that goes between 2 major roads, so that will push some people away. 

numbers look like this:

purchase - 55.5k
rehab - who knows, after 18, i still can't estimate properly, but i am hoping $20k at most
taxes - $2,500
rent - average rent is $1,000

the problem is that i am out of money right now and can't touch it until i am done with the latest 2 rehabs. i might do a little here and there like demo and cleaning up the yard of trees and such, but no major installs until we are done with the latest 2.

my goal was 20 a year ago. i am close, so i just need a new goal.

[Jay C.]

Devils advocate here. Why buy just to log numbers? Given the fact you don't even have the cash to finish the project. Some free advice don't get ahead of yourself. Its this exact scenario that destroyed the levered REI investor a few short years ago. How we forget the lessons of that time.

Its quality and not quantity. If its not making you cash then pass or slow the heck down. This is not a race. Just my 2 cents....actually gave you 3 cents worth.

Good Luck !!