Closed on 1st Investment Property!!

127 Replies

My goal for 2020 was to purchase 2 investment properties. Well, I didn't get 2 properties, but I did get 2 doors on my 1st deal.  

Yesterday, December 30th 2020, I closed on my first investment property which is a duplex. Each side is 1,000 sq ft and has 2BR, 1BA and built in 1950. I purchased the property for $65,000 cash. This will be BRRRR property I plan on making it a STR as it's located in a small historic town, Warm Springs GA, and is in walking distance to all of the shops.

I love this deal because I have multiple exit strategies. If the STR doesn't work, I can always rent out both sides and cashflow. It'll appraise for more than I'll have in it, so I can sell in a few years if I wanted to.

Here's to closing out 2020 and #CrushingIt in 2021!!

Congratulations Ryan! That's super exciting!! I see you're in Columbia—my boyfriend went to USC and we live in Aiken, SC. We are closing end of January on our first investment property (also a duplex for short term rental). You probably already knew this, but I just learned that in our city there's an additional municipal "AirBnB" tax of 9% on STR. Just thought I'd mention it because it's something we've had to learn more about as first time investors. Good luck on your exciting venture!

Hi @Kendra DeKay ! Congratulations to you as well.  I purchased this property out of state, it's actually in GA.  I know that the laws for STRs vary from city to city, state to state.  There's not enough in the small town where the duplex is for the city to even take notice.  I'm sure if I starting making a lot of money they'll try to get some :-).  Is the duplex you guys purchased in Aiken too?

Thanks for posting this inspiring story. nice to hear positive news during this year.

We were fortunate to be able to add a duplex to our portfolio this year as well.

Looking forward to more growth in 2021.

Best of luck with your adventure,

Cheers!

Thanks @Matt Ziegler !!  Cheers!! #CrushingIt2021

And congrats to you on the property addition as well! How many properties and doors are you up to now?

@Ryan Copeland yes, our duplex is in Aiken, too. I just started learning & getting interested in acquiring a rental property when this opportunity came up right in our backyard so we decided (semi-terrified!) to just go for it! I’m impressed at your bravery to invest out of state. I hear GA has some great markets! Best wishes to you!

Nicely done Ryan!  Those are hard to find.  I have also been searching for OOS (out-of-state) duplexes but unable to find the right one that is aligned with my desired price. Good luck on your venture!  

Originally posted by @Reggie Rearden :

I love the Aiken market. We have a mixture of commercial and sfh in the Aiken area. Congrats 

Thanks Reggie! I didn't purchase in Aiken, but Kendra Dekay just did. However, I'd love to learn more about the commercial property you bought for $50k and is cash flowing over $2200 per month! 

 

Originally posted by @Trang T.:

Nicely done Ryan!  Those are hard to find.  I have also been searching for OOS (out-of-state) duplexes but unable to find the right one that is aligned with my desired price. Good luck on your venture!  

Thank you! I had help with this one. My brother is an investor in the area and spotted this one for me. He's been a tremendous help and support. He's been my "boots on the ground".

 

Originally posted by @Steven Vasquez :

@Ryan Copeland congratulations! I hope to be there soon with multi-family investing.

Thank you sir. You'll get there man, just stay focused. Let's both continue growing in 2021!

 

Originally posted by @Caleb Dyer :

@Ryan Copeland

Proud of your efforts, man! The best is yet to come. Wishing you all success and great health in this New Year! 🙏🏼

Thank you! Wishing you the same! 🥂