1 st DEAL COMPLETE ADVICE AND ANALYSIS
Well first of all, have not posted for quite some time. Still listening to podcast and reading forums and learning and would like to thank all who participate in the community. Well here it goes have been nogotiating on property since March closed on June 5th, fixer upper in Etna Pa, subdivision of Pittsburgh PA, price 20000$ closing costs taxes etc, 2000$ repairs and labor 14000$. Total investment 36000 all cash. Have been renting for the last 2 mths for 750 mth. Taxes 90$ mth insurance 40$ expense account 150$ water and sewage 70$ property manager 75$. Cash flowing at 325 a month. Also property bank appraisal at 58000. Rehab time was 6 weeks. I probably saved 5000 by doing most of the work myself, with one other friend who is an experienced contractor. I basically just followed his lead and learned a lot in the process. I really enjoy the fact of forced appreciation. Looking to do a similar deal. In approximately 7 to 8 mths from now. Just with a little better numbers. My job as a mariner allows me to save 15 to 20000 every 6 mths. Do not want to do traditional financing at this time. Credit score only 660 at this time which I'm working on. And do not want to pay more interest than necessary. I figure if I own 3 or 4 outright it would be easier to walk into a bank and ask for whatever I would need, goal from here is to quit my job in about 6 yrs. Have been sailing for Dept of defense for last 4 yrs. Hopefully able to aquire at least 15 rental units in that time span. I wanted to invest for quite sometime, I believe it was fear of the unknown that held me back and if it wasn't for the community here I probably would still be waiting to make a deal, so thx for all who participate, newbies and all experienced investors. Questions or comments are greatly appreciated.