First Income Property

This is just few pictures taken from the condo we bought last month. It is an efficiency therefore, we are targeting renters who are single and just started to become independent. It has a good size screened front porch, has a bathroom with shower and bathtub, a good size storage, the kitchen cabinets are plenty for a small size condo as this one. The closing was done the day before it was rented. We were just lucky to find a renter that we know whom we got the assurance that she will take care of the property and able to pay the rent. We gave her first month FREE and a down payment of only $300.No one can beat that! Normally, an efficiency like this can be rented at $600. We give her lower rent than that.We received the first month rent last week and we are so glad that we invest in this type of business. We are still planning to find another property and venture in this business.Nowadays, people are hurting so; they lost their homes. If you check the real estate listings, you will be amazed as to how many short sales there is and how affordable a property can be at this point of time. Imagine how they feel losing a house like this at unbelievable price.If you have the means to pay cash, buy it cash and do not settle for loans. It will hurt you and your family in the long run. That's what happen to most of the family who lost their homes. The economy crisis hit therm hard then, they lost their job. Their mortgage balloon so much which they can no longer pay but, list their property to a short sale. The best thing that you can do for your family right now is to save for the future. Invest your money and live according to your means. This income property that we have is not that much but, it can bring food on our table. The best decision that we ever had.