Just an introduction. Just did my first deal.
Greetings all,
Just wanted to introduce myself. Been a podcast listener for a long time. This is my first purchase. Although I intend to build my portfolio generally in the Delaware, Ohio and Columbus Ohio areas, my first buy was in the Goodyear Heights neighborhood in Akron. My daughter is finishing her first year at the University of Akron. The plan is for her and three friends to occupy the home. Her “rent” is what I’m not paying for her housing. Her three friends will be paying. $400/month each. So $1200/month in income and about $7,000/year in savings for my daughter’s expenses. That puts monthly income at about $1800, so $21,600/year before utilities, taxes, and upkeep/maintenance. I’m paying utilities. Paid $94,500 for the house and expect to put in an additional $10-15k. Roof, all HVAC and water heater are new since 2019 and I’ll home warranty the house - primarily because I’m out of town. I think the house is worth about $115-125 after I’m done with cosmetics. I paid cash for the property.