Property identified through contact and listed on MLS. Purchased at a price of $320k with a deposit of $5,000. After settlement costs and adjustments final cash price is $314k. Included are rent deposits including first floor credit of $1,200 and third floor credit of $200.
Tenant Update
- First floor: Good standing seeking long term engagement at current rent $1,100
- Second Floor: Previous owner is occupying as needed until they have purchased a new home. Established $1,000 month to month.
- Third floor: Two tenants individually paying $300 each. Both expecting to vacate when instructed to do so.
Monthly Cost Summary
- Property: $313,806.82
- Deposit: $5,000
- Inspection: $710
- Property Taxes: $1,424.41
- Commercial Electric Deposit (Common Area): $235
Activities / Milestones
- Independent Home Inspection Completed
- Property Purchase: Cash Sale: Line of Credit
- Property Management Firm Agreement: Real Property Management
- Common Area Electric Setup
Next / Todo
- Identify and perform necessary and recommended "urgent" repairs
- Work with Property Management to stabilize tenants and establish agreements
- Refinance property in 30 year fixed mortgage / settle line of credit
- Estimate for roof replacement: Expect full strip and replace at @ $25k
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