Rental #1 Purchased Today
Closed on it today, it's a 2 bed 1 bath in Portsmouth, VA. Purchased it for $30,000, after closing costs it was $31,650.15.
Planning on placing a tenant buyer in there for $975 a month. Taxes and insurance will set me back $200 a month, and that is my only expense.
I don't do traditional rentals, I plan on doing a rent to own lease option with all of my properties, that way I can purchase low end properties with no major repairs needed so my tenant buyer fixes the house up and I don't worry about maintenance. I am closing on another one this week, and hopefully 2 more next month.
I'm very happy with this purchase since a lot of our homes aren't in as good of condition as this property. The big backyard and garage is a very nice addition.
My goal is to purchase at least 1-2 every month. This property was purchased with cash, upcoming properties will be a mix of cash and private money. If private money is used, the house will be paid off after 5 years at a 12% annualized interest rate.
Pictures - https://drive.google.com/open?id=0B4gRIJkesW-HLVlz...