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Property #6

August 15, 2011

Our sixth property is the conversion of our old primary to a rental. My fiancé purchased this home back in 2005 and we have just out grown it. It is a 3 bedroom, 2 bath, 2 car garage built in 1976. The home is in great shape, approx 1,800 square feet with a fenced back yard and storage shed. My fiancé had it rented in only 9 days.

The home is about 6 houses down from Property 3 and is in a great neighborhood and excellent school district. The Elementary School is the highest ranked  Exemplary school in the district and is within walking distance to the home. This one will not return like our investment purchases but we have good equity in it and a nice 4.5% mortgage. It will really spin off the cash once this one is paid off.

We never even considered selling this property and did not need to in order to purchase our new primary. This neighborhood has turned out to be great for rentals and once we start buying again, we will certainly be targeting this area for future purchases.

Rehab: $500

Value: $120k

Rent:  $1,095



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