We now have a contract on the last four rentals that we'll probably buy this year. These 2 single family houses and a duplex (with 3 garages) are on a street where I already own several properties. I will be buying all four for $95,000, which is a very good deal. Gross rents will be about $2,300 per month.
I'll be going to the bank on Wednesday to try to obtain the financing for this purchase. I'm anxious to see what changes there have been since all this sub-prime fiasco and credit crunch has occurred. I'll report back on that when I find out. I'd like to close this by the end of the month.
Tomorrow, I have another day in court. I am suing the tenant we recently evicted for damages, mainly because I'm angry that they intentionally damaged the house and because they abandoned a small kitten on the property. That makes them SCUM in my book and I'm going to do everything possible to make their life miserable. That will ruin their credit for several years and will make obtaining a home loan next to impossible. I think it's important that responsible landlords let the deadbeats know that we aren't going to accept this type of behavior.
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