We have several properties .We have lots of debt.
A lot of debt on credit cards at high interest rates which is all business related.We could refinance and pay off the cc. It comes at a price I'm not prepared to pay at this point.
We have a vendor financed property for 15 years at 7% for the whole term.I could get cheaper rates at the bank, but I don't want to be at their mercy.
I see how they make us jump through hoops with our other 11 unit building.
Lat year we bought one single purchase, that is an absolute money maker.It has a house and 4 older mobiles on it.The mobiles were thrown in for free.
We got rid of the last original tenant yesterday.His rent was $425 month.Tomorrow the new tenant starts paying $650 a month.Only thing we are doing is laying new carpet (maybe $300)Told them they can paint if they want.Last year we installed brand new efficient furnaces in all mobiles ($14K total)
The previous owner this time last year was collecting $2430 for the house and mobiles.We are now collecting $3525 a month, and outgoings of $1000 a month. We have done minor repairs.
I have previously been offered the chance to buy another mobile with Vendor Finance.I offered my son the opportunity, but he has declined.If the offer is still available, I may take him up on it.
I will pay him $1000 a month for about 15 months, plus pay the lot rent ($150 month)There is a tenant already there paying $600 month.So after paying $550 X15 months, we will have another $450 a month coming in.
There are deals out there.
Most of our properties will need time to start showing a large profit.
But if you have lots of units, with a modest profit..all is good.