Going To Look At Another Rental Property Today
 

My next door neighbour at one of my rental properties has been having issues maintaining his rental property (5 unit apartment building). He lives in the city and is a 70 year old dude.

So I called him out of the blue and said hello and asked him if he ever decided to sell would he mind calling me and asking me first.

Sure as shit he called me 3 weeks later and said sure I'm interested in selling as he lives in the city and this building is a pain in the ass for him to come up and maintain. After a few minutes talking to him we even got him convinced on giving us financing to buy this property from him with no money down.

Ahhhh just goes to show even though something isn't on the market it doesn't mean it's not for sale. Hopefully after the walk thru today we will put together an offer and have this bad boy all wrapped up by this week :)

I'll let you guys know how things work out!

DH

Damn... You got a lot of properties.
All financed? Would you be fucked up for good if intrest rates suddenly went sky high?

Good luck! :)

I wish interest rates weren't so fucking high here. :(

Congrats man :thumbsup

Thats kick ass DH. Good luck with the new property, hope everything goes smoothly :)

Congrats, hopefully everything will come through but just make sure you get a really good inspector to check that building out before you jump in...I've heard some bad stories about lazy inspectors costing people lots of money

YOUR interest rate doesn't go up if you have a fixed rate. And since he's renting them out, he will actually have MORE renters the higher the interest rate as fewer people will be able to buy :)

True. I just have some college-loan or whatever you call it and the intrest rates change yearly. I kinda thought you had the same system. I've never had a mortgage so I wouldn't know :)

Best of luck DH :)

congrats. how many properties do you have now DH?

Yep good point for sure, we have an incredible home inspector that is an engineer. He costs more but this guy is incredible, he literally will rip a house apart looking for any signs of problems or defects.

DH

If we get this one, it will be lucky #7 :)

DH

The mortgage will be like $1500-1700 a month and the rental income currently is around $3500 a month.

DH

Congrats DH.

Do you have anybody helping you maintain these properties? You're doing well. Obviously there will be a time when you need somebody else or a team of people to help maintain things as you consolidate and buy bigger properties. I'm curious to know your game plan and how you're running things currently.

All the best snagging this additional property:)

You becoming a slum lord??

:Graucho

Congradulations!!

Good luck with that DH. I'm going to look at some rental properties next week in Western Mass. :)

Atta boy Mark! ***Tom Vu You!***

lol...He's gotta pay for his new house somehow. :1orglaugh

Good luck, DH. :thumbsup