Finally! First Property of the Year!
Greetings BP,
Thanks to the wealth of information you all have shared, I decided to pick back up on my real estate investment goals. I set an aggressive goal to acquire three properties this year and I just closed on #1 yesterday. REO from the MLS. Closing delayed by 30 days by the seller to clear title issue.
Original asking price -$39,900
Sale price -$23,000 - $1,500 commission = $21,500 net price
ARV -$35-39k
Will require about $7k to make rent ready
Rent - $650
HOA - $116 monthly (includes water, tenant pays other utilities)
Taxes- $1015 yearly
Insurance- $186 yearly
Warranty -$399 ($60 trade calls)
Property mgmt - $0 (self managed)
Cash deal so no mortgage. I'm actively looking for a business loan so I can rinse and repeat (I have 4 mortgaged properties already).
So BP, how did I do?
Ursula