Here is a real time tracker of the Investment Property Portfolio we have developed and are currently managing.

Updates and adventures below.

June 3, 2011

You would think that a $15,000 reserve fund would be more than enough for a 10 property rental portfolio, right?  Up to this point we have spent $5k this year out of the reserve fund and a majority just recently.  Here’s a quick list of items we’ve had to deal with:  flooded basements, house preps for section 8 re-inspections, 3 tenant turnovers requiring house preps (no evictions), water heater replacement from the flooded basement and an increase in property taxes across the board.  Maybe next month will be better.

June 21, 2011

We just added another property to our portfolio.  $25k purchase price, $25k planned rehab, $90K ARV, section 8 tenant pays approx. $1,000 per month.  The purchase and rehab are being completely financed using private money.  It was actually quite easy to secure the money based on the current uncertainties in the market, low CD rates, and our proven track record in managing a profitable rental property portfolio. There are many cheap REO’s and foreclosures on the market right now, but instead of submitting 10 offers a day, we only cherry pick the best ones that meet our specific criteria for holding properties in our investment property portfolio.  That criteria includes only investing in our target neighborhood which we are very familiar with, only buying 3bed, 2 bath plus properties, strict control of rehab costs, and never exceeding 65% loan to value on the ARV, after repaired value.