just closed on #11, bonus came with a tenant

11 Replies

i just closed on the last of the "conventional financing" house i can get. i have 11 rentals, 10 of which are financed with banks. i put 25% down, 30 yr. then i have my personal house under the same type of financing, but apparantly that does not count towards the 10.

here are the numbers:

purchase price - 74k (list was $89k)
appraised - ~95, but who cares, really.
rent - $1,000
taxes - not official, but around $2,200
PM - nothing
holding cost - nothing

the tenant has been there for 6 yrs and when the previous landlord lost the place, the bank apparently decided to keep her as a tenant.

the house needs a lot of work, around $15k, to bring it up to my standards, ut she is happy as is. she just wants a front door since the one she has now is falling apart.

let me know if i can answer any questions.

Hard to beat a happy, long-term tenant!

Congrats George! If you don't mind me asking, what are your numbers in terms of max "all in" price to market rents?

@George P. congratulations on your accomplishment. In what period of time did you acquire all of your 10 houses and what was your strategy to come up with the 10% to 25% down payment and remodeling cost?

Originally posted by @Luis Montanez:
@George P. congratulations on your accomplishment. In what period of time did you acquire all of your 10 houses and what was your strategy to come up with the 10% to 25% down payment and remodeling money? did you saved, privet money, refinance, etc.

Awesome. What do you think it will rent for if you fix it up with that 15k? Have you come up with a plan for financing #12? Some people put 10 in the husbands name and another 10 in the wifes name so they can do 20 Fannie loans.

Originally posted by @Abbott Mary :
Congrats George! If you don't mind me asking, what are your numbers in terms of max "all in" price to market rents?

hi abbott, i am sorry, i am not understanding the question. could you please rephrase?

Originally posted by @Luis Montanez :
Originally posted by @Luis Montanez:
@George P. congratulations on your accomplishment. In what period of time did you acquire all of your 10 houses and what was your strategy to come up with the 10% to 25% down payment and remodeling money? did you saved, privet money, refinance, etc.

@Luis Montanez , i started in early 2009, but most of them came within the last two years. lots of people shoot for houses below 40k that rent for around $900. those are not available in my area (i just stick to two suburbs) and i pay up to 80k for rents that do not go above $1200. those are not great numbers for some people, but my houses great quality and my tenants and my neighbors are all happy.

i do not use private money, i just saved up really quickly and had enough to get #10 at the end of Feb (downpayment around $21k, rehab, around $25k (and going arggggh) and get this one (downpayment around 19k). i knew the tenant was staying so that's the reason to buy it. had it been empty, i would not have the cash to buy, update and rent.

Originally posted by @Brant Richardson :
Awesome. What do you think it will rent for if you fix it up with that 15k? Have you come up with a plan for financing #12? Some people put 10 in the husbands name and another 10 in the wifes name so they can do 20 Fannie loans.

i can get at most $1125. it's a 3/1 brick ranch in a great area, around 1050 sq. ft. it would take about 2 months until i have tenants and i'd have to use realtor.

i have gotten mixed feedback on "wife's 10 and my 10". some people said "if you file taxes jointly, you are allowed just 10 total". so i dont know the true answer.

i know i can get up to 20 Homepath homes, but the prices have increased and unless i get a great deal (working on one now), it's impossible to get off the MLS anymore in the 2 cities where i stay.

Congrats @George P. That's a good milestone !!

Wish you all the best for the next milestone

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