Rental number 8 purchased.
Monday I finally closed on rental number 8. I had signed the closing docs and everything two weeks ago, but the title company jumped the gun and the seller ( Fannie Mae) had not approved docs yet. They rescinded the closing and returned the wire back to me lender.
Purchase price was 97,500 with seller paying 2% closing costs. Home is a 4 bed, 2 bath with one car garage. I can turn it into a five bedroom with a little work. It needs paint , carpet, windows, dishwasher, a few holes patched and a new shower. It should rent for $1,200 to $1,300.
I did 20% down 5 year Arm with my portfolio lender at 4.8725%. Payment is low $500s with taxes and insurance.