Property #2

After my first duty station and purchase (above0 I did a year of Army school and then 4 years overseas in Germany.Enjoyed my time there and then got orders to move to good ole Louisiana.My second purchase was another buy and hold rental – with me purchasing the property at my new duty station at Fort Polk and then renting it out after I left.

Property – Rosepine LA,

How I found it -I went in to this purchase with the mindset of turning it into an investment after I left.My search criteria was within 30 min of post and a good school district, and used a Realtor reference after talking to several personnel that had previously been stationed at FT Polk.Used a realtor service that had good advertising presence and competent staff, and a good Property management section Was one of the larger realtor firms in area, and also had PM Service available

Purchase price – listed at $79K put in offer for 72Ksettled on 74K.

Financing – Conventional loan with local bank, had the %20 down payment saved up fromthe time I was in Germany.

Owner occupied for two years – and then time to move used same firm I had bought based on their customer service they gave me first time and responsive PM team.

Current status – TenantOCT 2014 – currently rented at $750.Previous tenant was there 3 + years moved out AUG 14 and was paying $800PM turned property in week. Recommended rent decrease after looking at competition and property being on market month. Rented in week after that

Rental rate $750

Current value~ No Zillow available, but was provided a BPO of 124900- 129900 in OCT 2014.

Mortgage – original Mortgage80% of 74,000 -5.5 %current balance ~ 24K

Mortgage payment - $430, being paying off extra 200 month since paying of Property #1 in OCT 2012

Expenses taxes 300 year

Insurance 500 year

Property Management 900 year(10%)

Maintenance varies usually couple hundred year to take care of landscaping issues.

CAPEX – over 11 year period- replaced Dishwater and HVAC AC unit.5 K total for 11 years.

Property Way ahead – Keep as rental.May look to refinance or take out HELOC for other investment opportunities, but currently it has good rental history, strong PM and manageable debt costs.