3 for 1 Owner Finance Deal ----our 2nd investment
March 2011 we purchased a 2 for 1 deal by the lake -- 1 lot w/ SW and 1 adjoining lot w/ DW. Currently renting out SW 2/1 and living in DW 4/2 1 c.(purchase price $28k - $8k down @ 6% for 7 years -- we paid off in 3 years)
Current Activity
Our neighbor decided that she no longer wants to do the landlord thing and owns 3 adjoining lots across the street with 1 SFR 2/1, 1 DW 3/2 2 c. , and 1 RV space. She has agreed to sell it all to us owner finance for $65000 - $0 Down 3% Interest for 13 years.
The SFR needs $5k repairs DIY then will rent for $550 month, DW previously rented $850 month - no repairs needed, and RV space is ready to go also previously rented for $400 month.
Our plan is to move into the DW 3/2 2 c.-- and rent out our 4/2 1c. (since we only have 2 children left at home).
SW #1 - Rental $350 month (oldest daughter- helps her and us) -- rented previously to other for $650 month (if daughter moves then we re-rent for higher amount)
DW #1 - Rental $750 month ($500 month if other two daughters and friend want it like they've already said -- it helps them and us)
SFR #2 - Repair and then Rental $ 550 month
DW #2 -- Live in this one (FREE)
RV space with fenced yard and carport parking #2 - Rental $350 month (they bring their own rv-- park 3/4 mile away charges over $400 month and no yard space)
Possibility
**Owner of SFR 2/1 with carport - next to first investment SW - had to move about 6 months ago to keep mother from being put into a home. We brought up that we'd like to buy if they decided to sell. About 4 days ago he came to mow/clean yard and told us that he and his wife were seriously considering selling to us because it was to hard to take care of being that far away --- we'd mentioned previously we could do it if they owner financed and we could afford $1k down and $250-$300 month. ---- So we may have investment #3 shortly after getting #2. (It needs cosmetic work and then could rent out for $550 month).
We are just kind of falling into the landlord thing since we bought our properties in March 2011. Guess our niche found us. We definitely won't have to guess what is going on in our rentals - we just have to walk out our front door.