closed on first house today!

4 Replies

first SFR but second rental property. I found the house after mailing about 450 yellow letters.

House 1800 sq ft 3\2 built in 2005, brick hardy plank, tiled, rent ready with a tenant month to month. Needs a few small repairs less than $1000 total.  My calculated Arv 130,000 appraised at $129,000. 

Owner just wanted to sell for what he owed... He actually paid 316 at closing. I purchases for $108,000 plus all closing costs.  He gave me time to finance too.  20% down 4.625 fixed 30year. 

Market rent is $1300 but current tenant is only paying $1100 until may. 

piti $750

Will start off with a $350 per month cash flow and hopefully closer to $500 when we get the next tenant in. 

Just thought I'd share. We are ready for the next house...hopefully more of a rehab project next time.

REI Nation
Turnkey Real Estate
Wondering how to safely invest in out-of-state real estate?
This 40-page eBook is your best resource for safe, profitable, passive real estate investing.
Download Now

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you