First Buy and Hold

10 Replies

hey to all. We just purchased our first buy and hold that is probably rent ready but want to do a little clean up on exterior and replace bathroom fixtures. The process was really good as we got this home from a wonderful person by way of a contact I made at housing department. this is a 2 bed / 2 bath with I carport and wash room and storage building for tenants. Purchase $60,000. Closing cost 15% down and finance $51,000. 20 year at 5% ARV. My favorite part is the front porch. I will send photos when I get the yard mowed. Almost forgot renting for $800.

@Tom Keith  Congratulations! 

Excellent!  You never forget your first one.

Sam

Good job, Tom.  Where is it?

Numbers seem good...congrats!

thanks so much!  @Jon Klaus  it is in Gladewater where our flip is located. Yes I put numbers to it before offering.  

update to purchase.  We have our first tenant contract this week.  We replaced bathroom appliances including a cabinet with built in sink under counter. Had to replace the hot water heater this week and all new locks and finally a good deep clean so they can move in next week.  We decided to offer same rent package as previous owner which is rent is $800 with $50 discount if paid no later than 1st day of month.  Late fee starts at 6th day and notice of eviction on 15th day.  I used the standard Do's and Dont's with a couple of my own.  No pets, no parking on yard.   All utilities responsible by tenants.  Here are a couple of photos 

Here are the photos I promised.  Roni, my wife and Pres. did a good job.  

Here are more photos of this home.

Congratulations on your first purchase.  I hope that you are feeling a sense of pride that you are taking control of your future.

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