Christmas came early this year in the form of a 6 unit apartment building. On December 1st, I reported on my blog about a landlord who offered to sell his building to me for $30,000. I finally went to look at the building yesterday and signed a contract right there on the spot.
Today, I went to the bank to talk to them about getting the money for this deal and the four other rentals that we already have under contract. The bank didn't seem to think it would be a problem, and I am hoping to close on all 10 units by the end of the month.
The big issue in this process is that the electric service in the apartment building is only 60 amps. It is very difficult to get insurance on rentals with 60 amp electric, but my insurance agent did find a company that will write this policy for me while I upgrade the electric.
That's about it. A pretty exciting end to the year!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment