Closing Deal #1 !!

3 Replies

I'm closing on my first deal tomorrow!! Thanks for the inspiration, knowledge and guts to pull the trigger! 

Purchase price $43,000... $9,000 below asking. Property just needs some aesthetic work. 

3 units. 1 efficient, 1 2b and 1 1b.

Rents $475, $375, and $200 = $1050. With room to increase rent.  2.4% of purchase price!!

2 units rented with great long term tenants. That was an attractive feature of this spot. 

I should cash flow over $100/ door to start. Tweeking here and there to cut expenses will make things hum along. I'm very excited to take this first step and am very close to making an offer on a duplex house hack scenario!!

Thanks again BP Community!!

Hey @Taylor Harrison ,

I hope the first investment is going well.  I would be interested in hearing an update if you don't mind sharing.  Any more on the horizon?

Craig Wilcox, Real Estate Agent in IL (#475.164058)

Hey Craig.  Yeah so the tri-plex is going very well thus far. After doing some quick cleaning and having carpets cleaned filling the vacant 1 br upper was no problem and rent at $400 was above what was planned. Now building cap ex fund as planned for furnace, appliances, etc... I'm am very interested in acquiring more properties to build my portfolio though the only type of investments in the area I'm interested in are house hacking scenarios for me.   

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