Closing on rental property number 7 today.

[Mark Ferguson]

I am buying my 7th long term rental today!
It is a short sale in Greeley, Colorado
Price $113,000 with seller paying $2,000 in closing costs.
built in 2005, 5 beds, 2 baths, walkout basement, deck, AC, 2 car attached garage.
I am getting a 20% down 5/30 ARM at 3.75% interest with my portfolio lender.
Rent should be at least $1300 a month if not $1400 in our crazy rental market.
It needs paint, carpet and landscaping and that is about it!

I made an offer on this one about 2 hours after it came on the market. I estimate I could get at least $160,000 for it once it is fixed up, but I am keeping it. The listing agent said he had multiple offers on it, but they took mine because they knew I could close.

[Patrick L.]

Originally posted by Mark Ferguson:

My goal is 100 sfr's. No idea yet how I will get there. :)

At least you started with an ambitious goal. When I started off I figured I'd want to keep it as a side investment and I was looking to acquire 10, 5 years later I have 35 and counting.