Updated about 11 years ago on . Most recent reply
#13 rental is finally here
This was supposed to be #14, but we had appraisal issues with the one that we lost about a month ago, so this one is the new #13.
as (almost) always, we used the seller agent that turns out is very good and we will use him in the future for short sale aquisitions and such.
we gave them the full asking price because this was a short sale with a private investor holding a note for 64k (or something like that).
the whole process took about 2.5 months from making the offer. we are getting a mortgage for 30 yrs at 4.49%
needs minimal work, making it look great will be around 5k, but i always over update. that relieves stress when it's occupied.
House details:
3 bed/ 2 bath - ~1085 sq feet
full basement
2 car garage
sprinkler system (will be capped off)
very desirable area with well kept homes
numbers:
purchase - 81.5k
taxes - ~2,500 per year = ~208/month
insurance - $550 per year = $45/month
mortgage payment - $309
rent - $>= 1,100
without taking any other expenses, gross cashflow is around ~$538. we manage ourselves, but pay $1,000 to list it on the MLS.