Updated over 9 years ago on . Most recent reply
No Job, busy Mom bought 2nd Rental!
Yup, you read that right. I am a bit late in writing this post by about 6 months but still wanted to share that I actually now have 2 rentals.
You can read about my first deal here: Full time JOB, Full time Single MOM.....and now Full time LANDLADY! this rental is going great!
My 2nd was a sub2 I found off a probate lead that I won, you can read about that here Won Probate leads no one responded but whatever.
I lost my job in June of 2015 and bought this house about 2 months later on sub2 terms. I sent a letter and included a business card with my picture on it. A nice lady who lived out of state called- her dad died and left her the house which she didn't want nor could afford. She wanted $50,000K for the house which currently had about a $43K and some change mortgage on it. I offered to give her $6,500 cash and take over the existing loan. She accepted! It was that easy. I used a lawyer and put the house in a land trust and bought the beneficial interest.
On to the #'s
PITI- $615
Rents- $850 (I was shooting for $900 but the renter agreed to fix anything that costs less than $100, so far this has been great for both of us)
The house would appraise at around $85K and before the dad passed he put a new 30 yr roof and new AC each less than 2 years old.
Repairs:
Cleaning lady- $300
Rebuild and rescreen the back porch- $650
Its been about 6 months and that house is doing great. I recently found a new job and a bf who we only get to see on the weekends, so still single mom,ing through the week. I'm a busy lady lol.
Currently working on deal #3!
Most Popular Reply
Hello Amanda Young ! Congrats on your 2 investment s! It's so funny, because You and I are very similar, are stories are almost the same and my husband and I are working on our 3ed deal as well! I see you were a nurse as well :) same here! Well good luck to you and your future investments.
Rhea