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Monday, August 15

Good News on House #9

Late Friday I signed a notarized contract for House #9. It still has to close, but there shouldn't be anything that stands in the way of that. I'm super pumped about it. I'm getting a $65,000 house for $22,500 + about $5,000 for repairs.

The rule of thumb I've used to justify purchases is that I should be able to charge 1% of the price of the house per month for rent. For example, with this house if my total cost is $27,500 then I would need to charge at least $275 per month for rent. Since I already own three nearly identical townhouses in the same complex, I know I'll be able to charge at least $600 per rent.

Anyone looking for a 2 bedroom, 1.5 bath townhouse? The living room features wood floors and a fireplace. Anyone? :)

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