New RE Investor from Aurora, Colorado and just purchased my 1st home
Hello BP,
I am a private pilot and love to fly! Look at my pic. I recently finished my college classes, landed a job in January of this year, and am about to close on my first property. I stumbled upon BP while in the process of purchasing this property. Now I am hooked on the prospect of Real Estate Investing! I can't wait to own more properties and get more involved in the world of real estate investing. My goals are to save for retirement and build enough wealth to own my own small plane. I would also like to travel the world. I enjoy my job so my strategy is going to be buy & holds.
Let me tell you a little about the property I am buying and maybe you guys can tell me if I did alright. It's a 2BD/1BA Townhouse with a 1 space shared garage that I have been renting from the owner for the last year. He decided to sell and I didn't really want to move because rent and property values shot up like crazy during the last couple of years. I had a smoking deal on rent too. $600/mo and he could have easily charged us $900+. Zillow's Zestimate on the property was $96,500 and that's what my landlord said he'd sell it for. However, since I would save him time and money (some repairs, replacing carpets, painting, real estate agent, ect) he would sell it to me for $90,700. I agreed to the price and signed the contract. Talking to a bunch of coworkers who just bought houses recently, they said the Colorado market is so hot that nobody is getting property at listing price. Properties are getting gobbled up within a couple of days on the market. Some people are paying up to $20,000 additional and some are cash offers. My appraisal came in the other day and it appraised for $95,000. This means I'll have some equity to start. Right now this is going to be my primary residence but eventually I want rent it out. I think I got a smoking deal considering the hot market. What do you guys think?