Got My First Buy&Hold Property Under Contract Last Night!

2 Replies

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!

Congratulations!!! Definitely comb over that inspection report when that comes in. That is definitely the place to be aggressive with the seller because that will help protect you against any cap ex issues especially as a Newbie. I had a client purchase a property and he thought that most of the remodel that he wanted to complete was going to be very simple. 2 months later, he's very happy in his new home, but the money going out the door despite the fact that he is living in his remodel is frustrating him a bit. 

Congratulations and keep plugging away!!!

How much under market are you anticipating the purchase to be? What are your plans if you close?

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