Closed on first property!
I just closed on my first property this week! It is a single family 3 bed/2 bath in a nice little neighborhood in the city. It has section 8 tenants that have been there for three years now, and the rent is $770 a month. The property was purchased three years ago as a foreclosure, and the owner then put a new roof on it, fixed up the detached garage in the rear, and replaced the furnace/boiler.
I was able to pick up this property which wasn't listed for a cash deal of $28,500 through a contact I made.
I'm heading over there today to take a look at a loose doorknob and a toilet that is running but other than that everything is good (for now!!).
I can't wait to gain some experience from this one and start looking for the next one in a few months or so!