Closed on investment property #1

It's done, we finally closed on our first, purely investment property!  It was a VA foreclosure, 2/2 townhouse that we purchased all cash. The property is located in Fayetteville, NC.

Here's the numbers:

Purchase: $30,775

Rehab estimate: $6,500

ARV: $60-65,000

Rent estimate: $700/mo

Accounting for all the expenses; we anticipate about $330/month cash flow.  Our goal is to have the rehab done by 1 January 2017.  Although, we're still reviewing contractor estimates and determining how extensive we should upgrade the place. 

We're excited about this property and can't wait to get our first tenant!  The cash flow will go a long way to building up a down payment for another property. 

To make the offer I used a tip I learned from Brandon Turner on one of the BP podcasts; use a random number.  Too many people like to use "visually" appealing numbers for their offer.  For example, 30,500 or 42,000.  This place had 6 offers and as it turns out, my bid was literally only $225 higher than the next highest.

The only drawback that we've experienced so far is that once we put this place under contract, we came across a bunch of other deals.  I wish I had enough money to take them all down!