Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
just closed on #20 today. it's a milestone since one time we thought we'd stop "when we hit 20", and "can u imagine having TWENTY houses?"
i need a new goal and at this point it's 35, when i think i will stop working and just stay home. will i get there? who knows. will i be upset if we dont? not that upset.
anyway, here are the details:
asking - 67, then reduced to 58.
purchased - 51k
sq. ft - 956
3 bed/ 1.5 bath
no garage - a shed is present
updates - ~12k with the driveway, which needs to be replaced.
rent - $1,050 estimate when it's all done.
my concrete guy wants to buy it on a land contract, so not sure what will happen at this point.
@George P. congrats! Looks like you did really well with this one. Are you using bank financing?
My goal was originally 10, and now it's 16. I'm at 14 now, so I'm close to hitting my goal. But I've been buying a lot in cash, so it takes longer to save up. I may have to go back to financing in the future.
I'm only at 1 rental but my hopes and dreams are unlimited. Working on the plan to do so but the thrill for me has always been the hunt (I have dealt in classic autos for years)
Hey @George P. Thanks for sharing. Sounds like prices paid and potential rents are pretty similar between Louisville Ky and Livonia Michigan. I'm at 7 units now and looking to pick up a couple more in the next few months if I can find the right deals. How long did it take you to get to 20?
Hey @George P. Thanks for sharing. Sounds like prices paid and potential rents are pretty similar between Louisville Ky and Livonia Michigan. I'm at 7 units now and looking to pick up a couple more in the next few months if I can find the right deals. How long did it take you to get to 20?