My first deal...Let me know your thoughts
Purchased my first investment in December of last year in Fairfield County (CT). We closed one day after my birthday...:) I rented homes in this area prior and knew what I could get for rents. I had a post on here prior t
It was a short-sale I worked on for 5 months and finally got to the closing table.
Little about the property:
Last sold in 2005 for: $332,000.00. I was able to buy it at $150,000.00 (no mortgage)
5BR 2.5BA Brick Cape Built in 1949.
taxes:7,200
finished sqft: 1,700 (not counting basement)
Details: Hardwood floors thru-out, 2 fireplaces, living, kitchen and dinning rooms, 2 patios set on about .25 acres.
Originally a 3BR 1.5BA...the basement was fully finished along w/ an addition of 2 other bedrooms and another full bath. Great condition and very well cared for.
I did not have to much renovation but I decided to redo one of the baths, finish a laundry room, redo some pipes etc. and some other minor cosmetic renovations here and there. I bought all new appliacnes and had it professionally painted. $12,000.00 total.
Just rented the property for $3,000.00 a month for a 14 month lease starting May 1st. All utilities to be paid by tenants except exterior maitenance : snow/grass.
Now I'm on the prowl for my next one...I want to stick to single family homes then move into commercial strips.
Let me know how I did guys!