On June 21, we closed on the purchase of Meadow Arbor 2, the house across the street from the original Meadow Arbor. It feels like an empire! Lee did a great job arranging all the financing for the purchase. He’s getting to be really good at this stuff.
The acquisition fits our model well. It’s satisfying to be able to help out a homeowner who really needed to be out from under a mortgage, and now that we are familiar with this neighborhood and have systems in place, we’re sure our San Antonio project manager, Frank, will be able to turn this one around quickly.
The thing the house needs most is an air conditioning system, which we have bids on, and the usual paint, flooring, etc.
Lee has pointed out many times that it’s important to have multiple exit strategies for a property! On this one, rental income is very tempting, especially since we already have Meadow Arbor 1 across the street. There’s a good chance we could do what we did with the first one: see what we can get on the market, then determine which option gets the most money to us in the long run.
First we have to fix the house up and make it a tempting home to buy or rent!