Second rental in Lake Charles, Louisiana - BRRRRR

[Adrian Tilley]

This is my second rental. I live in Colorado but bought out of town because the numbers are much, much better.  I purchased this sight unseen (by me at least) through the seller's agent.  I consulted with a local property manager to confirm rental numbers and fix up costs, had an inspector go through, and had my brother in law who is local take a look to get an unbiased opinion.  It's not in the best area of town, but not terrible.

Numbers:

Purchase: $73k

Fix up/holding/purchase costs/etc: $5k

Rent: $950

I bought this cash with money from a HELOC, I am in the process of refinancing to get on a 20 year fixed. I had initially talked to local banks who said they could do it, but since I'm out of state no one will lend to me. Weird. So I'm going through Chase instead.

Onward and upward!