first investment
Hi everyone,
I have been reading on this site for around 1 month now and its an incredible place to learn and connect. I am a student without employment history but I was fortunate to inherit around $80000 from my grandfather. I did a lot of learning and decided to put my capital to work and purchased a condo for 38000 (after small amount of work + closing + attorney/llc fees came out to 44000) I am renting this out for 935 a month. There is hoa of 310 a month (but I dont have to do so much maintenance) and taxes are around 1600 a year. It should have a cap rate of around 12%.
I am looking to do another such deal which will hopefully get my income started and I can eventually invest through a mortgage.
any feedback on my first deal and if my plan to repeat with remaining cash is a good one is greatly appreciated.
good luck to all out there and happy thanksgiving