Updated almost 5 years ago on . Most recent reply
Closing on our first property in NJ in May!!!
Hey BP Fam! It's been a long time coming but my partner and I finally are in the process of purchasing our first investment property and will be closing May 1!! So excited! Wanted to come and share a little bit about the deal.
Both of us are part time workers so combined, we make around 60k. Not much for the NJ market especially during the pandemic so we decided to go FHA single family and use the house hacking strategy. We found a turnkey property in Paterson, NJ for 240k. Everything has been fully redone and rent ready. We would have loved to rehab a home and put some forced equity into but unfortunately, we have to make the little money we have work for us. There is 3 bds, 2 1/2 bathrooms and a finished basement which we plan to put a full bathroom in for the 2 of us. We'll be renting out each room at around $750-$800 (utilities included). On the low end, we'll be bringing in $2250 from rents and the mortgage is $1500 plus other house costs that need to be paid for, we expect to cash flow around $300.
We are very excited for this deal but we are also already thinking ahead to the next property we would like to purchase. We are not sure how to go about that seeing as how we are already in an FHA loan and pretty much exhausted all our cash on hand. I would love to hear your inputs!
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Congratulations on the purchase!!