Closed on house number seven today

[Joe Splitrock]

We closed on house number seven this morning. It is a nice 3 bedroom, 2 bath, 2 car attached garage home built in the early 80's. I would say it is in a B+ neighborhood. It is 2 blocks from an elementary school. Purchase price was $137K and it will rent between $1100 and $1200. Not a get rich quick deal, but we should be able to place a nice tenant who will stay there for years. Tenant will pay all utilities and handle lawn/snow. It should run on autopilot once we get someone in there. We got a 30 year conventional and expect $300 per month cash flow. 

We name all our houses by the street they are on, so welcome Holbrook our buy-and-hold portfolio! Now we need to go crazy getting it rent ready to start showing Monday.