I'm going to try to make an offer on a townhouse this weekend. It sold for $62,500 in 2005 and is listed now as a foreclosure for $23,900. I already own three townhouses in the same complex so I know the area well. I think I can rent it for $650 per month so the financials make sense on it: in less than four years the rent would pay for it.
Current Goal: Automate Savings and Mortgage Paydown
1) Extra $1,100/mo. to mortgage
2) $1,000/mo. to short-term savings
3) $400/mo. to investing
Previous Goal: Eliminate Mortgage on Rental Property
Interest Rate is 5.125%!
January 1, 2019: $59,592
August 11, 2020: PAID!
Friday, July 22
Update on Empty Condo
Great news heading into the weekend: the condo has a new tenant. I met with and approved a new tenant last night, four days after posting the vacancy on Craigslist. I was a little worried earlier in the week because the only responses I had received were from people with admittedly poor credit. Fortunately this couple had already been looking to rent something in the area when they stumbled on my condo. Neither of them have any blemishes on their credit - they don't even have any debt besides student loans. Since they were already itching to move and didn't want to pass up the opportunity they paid the deposit and first month's rent and I handed over the keys. What a relief!