Feedback on First RE Investment
Requesting feedback or constructive criticism on my first RE investment. I bought two properties in OKC last year. I have a property manager that charges 8%.
The first was $110,000 3/2/2. Rents for $995 with $787 mortg. I put $5,000 tile, carpet and paint & paid the first 3 mortg payments. It’s been rented out since Sept 05.
The second was $94,000 3/2/2. Rents for $850 with $663 mortg. I put $11,000 tile, carpet, paint & appliances and paid the fist 4 mortg payments. It’s been rented out since Oct 05.
I learned a lot and feel I could have negotiated lower prices but they are renting for a positive. The $94,000 could probably rent for $950 but I lowered it because it took a while to rent. Also, I didn’t have to spend so much on tile and carpet, but I wanted to tile most of the houses to avoid further problems.
I’m trying to talk my business partner/wife into repeating the process. Any constructive criticism is welcome and appreciated.