Just Closed on my First Rental!

[Satish Subramanian]

After months of listening to every single BP podcast, reading all the BP books and countless posts, I finally closed on a 3-flat in Chicago that I’m house hacking. Right now it’s break even for cash flow, but i see the clear path to increasing the rental value in a short amount of time to get where i want to be. Super excited to get this journey started, and I’ve got so much to learn yet. Just wanted to say for the lurkers out there... get out and take action! Even if it’s as little as contacting a real estate agent, that’s one step in the right direction. You can do it... but only if you make the effort!

[Satish Subramanian]

@Dan Razowsky - I'm in the top 2 Bed/1 Bath, & considering $1450 as my rent. The middle unit is 3 Bed/1 Bath & inherited rent is wayyy low at $1300. The bottom unit is 2 Bed/1 Bath & again waay low at $900. 2-car garage rented out for $200 total. PP was $537k, and needs minimal rehab - painting cabinets, painting walls, installing kitchen vinyl flooring. However, I'm looking to add another Bed &/or Bath to my top unit as it's 1400 sq ft. in order to increase the rent and overall house value.

One note is that I'm currently required to manage the property myself in order to break even on cash flow, so I'm really counting on raising the rent to market value and even putting additional rooms to force appreciation and rents even further.