Finally pulled the trigger!

22 Replies

After 2 years of research and learning as much as I could (thanks BP) my wife and I finally have a duplex ready to close. By no means do I fell 100% confident in everything but I'm ready to learn more and stop watching from the sidelines! A little about the deal:

$65,000 purchase price
$1229 rent per month
PI is $230/month
With all expenses including PM, vacancy, insurance, tax, utilities, rand repairs we will clear $305/month with my calculations. I will be managing the property myself to start so with that we will be well over $400/month cash flow. This may not be a home run but a good base hit to start off for us is what I was hoping for. Any feedback on this?

Congrats on taking that step!

Dude thats awesome!!!!

I'm finding out that involving yourself in activity is the best way to learn, move forward, gain traction, etc etc...very encouraging man!  

bright future

Sounds like you're off to a solid start!  :)

Congrats. I think the best way to start is to do your initial research and then take the leap and expect to learn the rest as you go along. Don't expect to know everything upfront. Good luck

Congrats! The first investment is always the hardest. The key is too pull the trigger!  There is a learning curve but getting started is the hardest. We self manage and I personally prefer this method (90%) of the time ! 

Congratz. Sounds like a solid start. 

Awesome! All sounds great to me!

Good job. I'm sure you will inspire others to get off the side lines. Hope it is the first of many.

WooHoo for you, keep you eyes on the goal and we look forward to hearing updates about this duplex and about your next deal.

Congrats!  The preliminary numbers sound great!  Nicely done.

Good Job! The numbers are looking good. Now time to jump to the next one :-)

If you are getting anywhere near 2% in a place that you want to live, it's a home run in my opinion. If you can get paid to live in your home, its a home run in my opinion.

Thanks everyone! Plan is to ride the cash flow of this one into the next one and keep it going. Hopefully this pans out as good as it does on paper.

Congrats!

Congratulations! Those are some great numbers!

How did u locate this property? MLS your own marketing?

Did u use a conventional loan, owner financing, other?

$300+ on first deal and you get to live free.. Good one ..Congrats

Congrats!

congrats on your first purchase. It sounds like a solid investment and will be your springboard to your next deal! Good luck!

Sounds really great. congratulations on taking the dive. my hat's off to you.

Thanks everyone! Plan is to ride the cash flow of this one into the next one and keep it going. Hopefully this pans out as good as it does on paper.

@Jason K. I found this deal on the MLS. I've been looking through all the listings for a few months and been outbit on a few. This is conventional with 25% down as we won't be living in either side.

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