scine
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Hey guys!
Long time no speak! Well, the place that I bought about a year and a half ago got a renter in it after 2 months of being on the market. His credit wasn't the greatest, wasn't horrible, so I decided to take a chance on him. My management company has taken over everything and done an excellent job. I had him do a 6 month lease, so it would end in June of 2012, and he paid his rent in full and on time every month. Once his lease was up, I told him if he signed another year lease, I wouldn't raise the rent. He couldn't sign fast enough. Currently, I make $250 a month profit off of this property after everything (taxes, mortgage, management, etc.) So, having a good tenant AND making a good profit off of it meant I wasn't about to screw with this guy's rent.
Fast forward to today. Spoke with a friend of mine who recently sold his business and wanted somewhere to park his new found wealth. He originally wanted to go in with me on buying a medium sized apartment building, but due to a few things happening in his life, he will have to likely postpone that for about 6 months to a year. In the mean time, I spoke to him about going in with me to purchase a small condo. If the numbers add up as I'm estimating, I'll pocket another $250 a month in profit.
All in all, if he can't go in with me on a medium sized apartment building, he's liking the idea of being the money man for me purchasing a few more properties here and there until he is finally able to go "all in" so to speak.
Things are definitely looking up for me! The best part is that once my existing property is paid off, I'll pocket almost $900 a month in profit. I currently owe about $85k and paying 5.0% on the mortgage.
Travis
Long time no speak! Well, the place that I bought about a year and a half ago got a renter in it after 2 months of being on the market. His credit wasn't the greatest, wasn't horrible, so I decided to take a chance on him. My management company has taken over everything and done an excellent job. I had him do a 6 month lease, so it would end in June of 2012, and he paid his rent in full and on time every month. Once his lease was up, I told him if he signed another year lease, I wouldn't raise the rent. He couldn't sign fast enough. Currently, I make $250 a month profit off of this property after everything (taxes, mortgage, management, etc.) So, having a good tenant AND making a good profit off of it meant I wasn't about to screw with this guy's rent.
Fast forward to today. Spoke with a friend of mine who recently sold his business and wanted somewhere to park his new found wealth. He originally wanted to go in with me on buying a medium sized apartment building, but due to a few things happening in his life, he will have to likely postpone that for about 6 months to a year. In the mean time, I spoke to him about going in with me to purchase a small condo. If the numbers add up as I'm estimating, I'll pocket another $250 a month in profit.
All in all, if he can't go in with me on a medium sized apartment building, he's liking the idea of being the money man for me purchasing a few more properties here and there until he is finally able to go "all in" so to speak.
Things are definitely looking up for me!
The best part is that once my existing property is paid off, I'll pocket almost $900 a month in profit. I currently owe about $85k and paying 5.0% on the mortgage. Travis
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