Katie Stoltz Rental Deal

 

Katie Stoltz Rental Deal

Heaven Inspired Homes in Fort Pierce, FL
Katie Stoltz with Justin Stoltz

We found this deal on the MLS. The seller listed it low as he listed himself. It was on the MLS for just 1 day and we looked at it and made an offer at full asking price. It was a 3/2 in good shape and in a good neighborhood. They were only asking $149,000. My realtor called and they said there were already offers on the table. He said he would make his decision on Sunday (in 2 days). My realtor said before you make your decision, let me know the number I have to beat. The highest offer was $155,000. So we offered $156,000 and he accepted. We put 25% down and took out a 30-year mortgage on the rest. My realtor listed it for rent and 3 weeks later we had it occupied. They signed a 1-year lease for $1,400 a month. We paid $500 to the agent for finding us a renter and handling the application and screening process. Our mortgage is $994 and we pay $70 a month for lawn care. We do not have a property manager yet. We may hire one once we get to 5 houses. We already have 2 in mind that we have been referred to. So overall, we are in cash flow of $336 a month!

Rental Details

Property City: Port St. Lucie
Property State: FL
Purchase Price: $156,000

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Case Study

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