First Rental Property Deal Done!
Hey BP,
It has been a bit of a process and has taken me a year to the day my 1-year old twins were born but I am excited to share that I have closed, and fully rented out my first deal! I found a duplex before it hit the market from an older gentleman that was looking to get out of real estate. It has been a long process full of ups and downs including having another offer accepted earlier in the year, only for it to fall through days before closing. However, through sticking with it and trusting the process (and numbers) I was able to secure a deal. For those of you who have yet to take the first step, I encourage you to keep pushing but don’t force it, the right deal will come, just be ready to jump on the opportunity when presented!
Deal Numbers:
List Price: $75,000
Purchase Price: $64,000 (no work needed)
Down Payment: $16,000 (25%)
Gross Rent/Month: $1,410
Expenses (including: vacancy, cap ex , repairs & mgmt. fee): $1,047
I could not have found and closed on this deal without the help of the awesome BP community! Thanks, everyone who imparted knowledge, wisdom or just an idea along the way as you have helped me to take my first step in my real estate investment ambitions. On to the next deal!
Cheers,
Maurice