Property #14 and #15

So we haven't been buying a ton of properties lately and now that we have 13 of them (all rented), Cash is flowing in nicely and we can't seem to spend it as fast as we'd like.  Sounds like a good problem to have, I know, and I'd agree.  We never have stopped contributing monthly either so that helps as well.  I recently reached out to our turnkey company in Memphis and said we were looking to buy some more property and to let us know what they can find.  Fortunately, they had a couple they were about to buy.  Because we've done business with them, we're going under contract before the renovations even start.

For those of you that scares, here is the kicker and where we keep risk low.  In those contracts we have an inspection period AFTER the renovations are complete so we don't fully commit until we are at the point where we've seen the renovations and had it inspected properly by a property inspector that we use.  The key lesson here (and this is a lesson I've never had to learn the hard way as I've read about others who have), no matter how comfortable you get with something or someone, always keep your risk mitigated.  Yes, we are going under contract before they even start renovations.  Yes, we sent earnest money in to hold it.  *YES*, we are going to have all the normal items in the contract in regards to financing, inspection, etc.  *YES*, we are going to close using the bank and have all the same insurance and checks that we would normally have to ensure our risk is as low as if we did it any other way.

So currently as I write this, we have these 2 properties with them under contract taking us to 15 total once they close.  Exciting stuff!