Originally posted by @Emmett Bond:
Don’t get me wrong - by cash flow positive, that assumes the same generous financing terms I was able to get with motivated owner financing and assumes me not hiring a property management company or having to pay them a portion of rents.
Because it is such a small property and close by, I don’t mind managing it or dealing with the occasional call from a tenant complaining of loud electric humming throughout the building, only to find out it was a side effect of new blood pressure meds! (True story from this week)
I also had to go into a bit more rural small town area than most investors are comfortable with.
So it may not quite be as attractive as many of the out of state markets YET. But still worth keeping an eye out. Hoping some mom and pop folks reaching retirement age will want to offload some properties before real estate goes through a correction- may find some more motivated sellers that way.
Still sounds like an excellent deal (and an interesting tenant!) Good for you to take the plunge and make it happen.
I have some questions about the seller financing arrangement and those sorts of details. It feels a tad rude to ask a stranger such personal questions on a public forum though. I'll save those for later.
Are you hunting the next deal yet, or still letting the dust settle?
