We have finally purchased a second rental property!
I haven't blogged much in the last month, mostly due to an overly ambitious work project (I let my Type A work dedication get the best of me). But in that month, I found a property that met a lot of our rental investment criteria AND we ended up with an accepted offer from the seller.
In a market where there is only a 2 months of inventory available, the property we purchased was on the market for just less than a month and already had a price reduction that put it under market value. We submitted a cash offer with no contingencies and after a little back-and-forth, went under contract for about 5 percent less than the reduced list price.
How did we pull this off? Sticking to criteria number 1, patience, was the key. We finally landed on the right property with the right seller. It seems he was a long-distance landlord who owned the property for several years and wanted to cash out from our market.
I'll share out other details of the purchase in a future post, but for now we are doing a little happy dance as we are finally one big step closer to our rental portfolio goals