Got My First Buy&Hold Property Under Contract Last Night!
Hi BP Community- I wanted to share my accomplishment and joy! I started out 2 months ago working hard to understand REI, and so I got a Pro membership here. Y'all have helped me a great deal along with book reading and networking!
Here's the play-by-play so far:
- I have an equity partner that is providing all the financial resources while I act as the active investor for our partnership.
- After some trial and error I found a great agent and lender.
- Saturday I found a deal on the MLS and asked my agent to go after it.
- Tuesday I offered $275k on a SFR in Loveland, CO listed for $319.5k ($118/sqft)
- Wednesday we got a counter-offer for $316.5k with the selling agent kicking an additional $1k of his commission to us at closing = $315.5k actual price.
- Wednesday I immediately accepted the counter offer.
- Today reread the BP Book on Rental Properties chapter on Due Diligence (thanks @Brandon Turner!)
- Today I scheduled the inspections, handled the earnest money, and am about to call my attorney.
- Tomorrow the adventure continues!
