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How to Purchase Rental Property at a Discount

DealA few months ago, I wrote a piece about another investment property purchase I was considering.  If you want to make money as a landlord in real estate, you must be able to purchase rental property at a discount.  As it turned out, that property never materialized, probably for the best.  I was going to be a partner on a $1.4M property, put up $100K+, and be a partner on a $1M loan.  I did not want to get stuck on a large loan, with limited mechanisms to get out.

As it turns out, all good things come to those who wait.  Here is a recap of my recent investment property purchase.  Remember, if you buy via the MLS, you are probably paying too much.

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Rental Cash Flow February 2016 – March 2016

Rental Cash FlowMy rental cash flow and rent collections for March 2016 went very well.  All but one was collected by 3/5, although I did have more difficulty than in previous months.  One renter still needs to pay an additional $150, which will be paid on 3/18.

When a renter need to make the rent payments in multiple days, make sure you get a sizable chunk at the first of the month.  Do not let a renter pay on the 15th, and more on the 25th.  At some point, you will be evicting, and you will be a month behind.

I had another renter that may be an issue, and some vacancies coming up.  The month  was not as smooth as previous months, here is how the rental cash flow went…

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Financial Independence Interview for EvenStevenMoney

interviewI had the pleasure of being interviewed for a financial independence interview for blog called Even Steven Money.  As I have done a few of them in the past, for other blogs, I find that they are always a great inflection of my own goals.

The questions make you think and put down some thoughts on paper.  The interviews become part of your permanent “internet record” that you (and others..) can look back on and reflect.

In this interview, I go through some of my background, financial independence goals, motivations, and some random thoughts.  As I wrote the answers to the interview, it did remind me of some of my past.  I have some a long way from my start, just a kid that always thought I would wind up in jail at some point.  (For the record, I have never been in a jail cell except for on a jail tour.  Getting bailed out before you get put into a cell doesn’t count.)

You can read my full interview here

Let me know what you think of the interview?  I may post more about my background in a future post, stay tuned.