just closed on #11, bonus came with a tenant

[George P.]

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.