Rental #10 was purchased

[George P.]

Yesterday.

here are the details:

2 months ago the asking was 89.9k. I offered 75. they came back at 89. I laughed. they came down to 83. I came up to 76.5. They came down to 78. we were $1,500 apart. We had no deal.

3 weeks later price was lowered to 78. I offered 70. after six back and forth, i purchased the house for 72k - 4.5k under what i would have paid the first time.

anyway

PP - 72k
taxes - ~2200
interest - 4.7
insurance - 762

total monthly payment ~ 535
potential rent - $1075-1150
potential profit - $540-$615

30 year fixed, 25% down

expected repairs $15-22k, 1.5 months.

meanwhile, #11 is under contract. but more on that when i close on it.

@Mark Ferguson , similar to your strategy. just a few tweaks to it.

[Robert Steele]

Originally posted by @Account Closed:

But at one point they lowered it to 4, then it was 8, now 10. So if you are on 9 and hoping for more, then Fannie says, oops, back to 8. What will you do?

Use your spouse and her income to buy 10 more. Or pay off all your mortgages with a portfolio loan. Blackrock just got into that game. Or pay off your smallest mortgage either with cash or maybe a HELOC on your primary residence and get a new one for property #11.

There have been lots of discussions on here about this. Search around.