U.S. Foreclosures(7)-Update on 1st Purchase(5)

The property is rented out! The rent is $1,350/month, starting in the later part of July.

All efforts to get a mortgage failed, because there is a new rule for cashout mortgage: the property has to be held for six months before a mortgage can be given. As a result, I have to change my strategy. My original plan is to hold all properties I buy, as long as I can get mortgages. If I buy one property every month, and it takes two to three months to get a mortgage, then the investment is enough for the cycle and continues forever as long as the cashout mortgage is equal to 80% of my expenditures on each property.

I decide to hold this property, and apply for a mortgage again when the holding time is close to six months. Hopefully I will get one then.

The property manager has already taken over the property, it was painted inside out and looks much nice. The property manager will takes care of everything, and send me a detailed statement every month. I am moving on to work on other properties and future purchases.