New single family to add to the portflolo

[Ann Miller]

We just signed our newest tenant to our new single family home that we purchased as a foreclosure. We have had such great advice from BP and are pretty passionate about the real estate business. We were lucky to find great renters after reviewing  many applicants. We started with no pets but ended up going with a couple with 2 small dogs.(after doing our due diligence with past landlords.)  We used the information from BP about pet fee's and added $20 per dog to the rent. We only signed a 12 month lease so we could raise rent as needed for insurance, taxes, etc. After following the knowledge of BP, we feel that we have established good guidelines with the tenants and they know that we run this as a business and have requirements and rules. Running this as a business and not a hobby is one of our first rules we always abide by. We decided to pay cash for this home and paid about 25,000 less than the market price and we will net close to $1100 per month. This added to our other rentals will bring us  to $2600 monthly net. We usually let the cash build so we can use it for other purchases if we find something.