We found this deal on the MLS. They were asking $162,000 and we negotiated down to $155,000. We put 25% down and did a 30-year mortgage on the rest. rnAs we were fixing it up, someone who was looking at a house across the street for rent, liked our house better. So he signed an 8-month lease with us since he was moving after. rnWe accepted it right away as he not only paid all 8 months upfront but also for full asking which was $1400 a month. He is the nicest guy too so we were blessed! The mortgage is $1033 and lawn maintenance is $70 so we are in cash flow of $297 a month. We do not have a property manager yet. Once we get to 5 houses then we will discuss it. With lawn care taken care of and Justin being a good handyman, we are set for now.rn
How did the FortuneBuilders team and resources help you to accomplish this deal?
We knew how to find a good realtor, what to look for, and what to ask. rnWe also learned the importance of contracts and covering ourselves. The repair estimator allowed us to go into the deal with the cost of what needed to be fixed. The training gave us the confidence to go for it! rn