In 2012, we decided we would purchase another property. We had our eyes on a couple. One was a family member who needed to sell. We made an offer and landed on $95,000. The bank required 15% down and gave us an interest rate of 5.75%. Again, this took all our cash but this time we had a winner!
We put an ad on Craig's List immediately for rent and had it rented within a week at $1,100/month. For anyone who has purchased property in the price range, I can see you salivating already. After all expenses were paid, we were looking at $350/month in cash flow. Add to that the $200/month we had already and we were sitting at $500/month + our $1,000 contribution for a total of $1,500/month in cash influx. Things were starting to look up.
We now had 2 properties in Central MS. The first property is huge, but when you purchase that second property, you get a great feeling of accomplishment that this might actually work. Ahead we plunge!
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