Offer Made!! First Deal!

[Brandon Chavis]

Hope everyone is well!  I just placed my first official offer and wanted to get some candid feedback from the site on the potential value of the deal. 

Offer: $105,000

Estimated Repairs: $4,500

ARV: $130,000

FHA Loan @ 3.5%(Duplex.. going to live in the down stairs unit)

30 years @ 3.875%

Total Cash vested: $7,815.00

Monthly Income if both units rented: $1,350

Monthly Expenses: $982.12(Including... P&I, PMI, Vacancy, CapEx, Insurance, Taxes and Repair costs)

The home seems to be rock solid, beautiful hardwood through out(Had two inspectors check the property out thus far).  Carpet in the upstairs bedrooms, recently remodeled baths both up and down stairs.  Hoping to stay here for a year and then refi and do the same thing once more. 

[Chris T.]

congratulations @Brandon Chavis

You have some equity in the house, and you get part of your monthly expenses paid by a tenant. Can't beat that. Most importantly, you're getting experience as a landlord and investor. 

Looking forward to hearing more success from your future acquisitions.