Just closed on my first deal!

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It was a tough year, but finally closed on my first multi-family deal in Bakersfield, Ca. Fully rented and both tenants staying on. Used a HELOC for the down payment. Time to let the dust settle for a bit and start hunting again!

Thanks!

Purchase price: $241k, with 25% down from HELOC, 3.625% fixed.

Accounting for reserves and paying off the HELOC monthly, cash flow is sub $50 total. 5-year return is 9%.

Both units are a minimum of $100 under the current market rate and will be bumped up within the next quarter.  This will definitely make the deal much sweeter.  My thoughts, you have to get in at some point.  I analyzed over 50 properties before just doing it, I'll have to make it work.