Philadelphia Investment #2
I put down an offer for a house on Wednesday and I heard the seller accepted the offer. The asking price was $149,900. I placed a bid for $142,000. The seller tried to push back, but eventually accepted my bid. This is going to be my first house. The house is located in Mayfair, in a very quiet neighborhood and near a deli and pizza shop. I'm looking to rent out the house for 800-900/month.
posted by Sean @ 8/26/2005 02:24:00 PM
6 Comments:
I wish I can find an apartment or a one bedroom condo for $ 142,000 where I live. Everything here is over 250,000 for a 500-600 square feet one bedroom one bathroom in an OK neighborhood. Congrats on your home though! I've yet to feel that first home excitement eventhough I'm the same age as you. Dammit!! Lol!
Another thing I noticed that rent per month will cover the mortgage payment as well, which is a great thing. Good luck!
Congrats as well on your home purchase! Will you have a property manager to help collect rent / maintain the property?
Congratulations! Good luck on the new real estate investment.
Money and Investing
Wow, finding a cash-flow positive place in this market is awesome. $150k houses... sounds like a fairy tale to me...
I think it would be interesting for you to post a series of blog entries describing your efforts for renting the property. It could start from the sale of the property all the way through getting your first client. Also it could detail all the expenses necessary to get the place rentable and any unforseen experiences you encounter.
Just an idea
tim
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