Just signed the papers -- DFW sub2
Four months later, using the wisdom I found here, my husband and I just signed papers on our first investment house. The deal is subject to existing financing, so we are taking over a $114K loan on a house that is easily worth $145K and climbing by the day.
The seller is not someone I knew before joining BP. I randomly ran across a guy who wanted to get out of his house, and because I had been reading here, I was able to see the opportunity.
It took a couple of months to get my husband on board, but now he is as interested and invested as I am. He has worked in the mortgage industry for 15 years, so it's awesome to put his experience to a new use.
Our out-of-pocket costs were $400 for an inspection, and $1,200 to a lawyer. The house needs about $1,000 in work to become rent-ready. (Mostly a deep, deep cleaning). We expect to rent it for over $1,300. Our cash flow will be more when we refinance in a year or two, but it's still positive now (around $100-$200/mo).
We're now looking for No. 2! Thanks, BiggerPockets. I feel so good about the path we're on.