Bought my 2 rental property last week

[Jarrett Harris]

Well last week, my wife and I closed on our 2nd rental property. It is a house that was converted long ago to a 3 unit. This makes 7 units for us total. We bought our first property 5 years ago this month. Hopefully after all the hard lessons learned and knowledge gained from the first property, it won't take another 5 years to get our third. Thank God and thanks to Bigger Pockets. 

[Jarrett Harris]

Yep, purchased in Cook County of IL. (Cook county not, that Landlord Friendly, and Taxes are kinda out of hand) but this was still a good deal.

$137,500 Purchase price (25%) down

MOnthy payment PITI--$1205

Gross rent $2100/month

2  ONe Bedroom units $625/month

1  2 bedroom unit $755/month

 garage rented for $100/month

The 1 bedrooms are 50-75 under market value

The 2 bedroom unit is about $200 under market value

Coin op laundry in the basement also.

Roof is 2 years old

Agents gave me a 14 month warranty on HVAC to make the deal go through.