Hi BP, I haven't been on here much, but I've been listening to all of the podcasts and thought I'd share an in-process success story (knock on wood). In December, I closed on my first single family investment property. It was a short sale that I had under contract starting in June. I paid $55,000 for it, and with all closing and expected repair costs the total investment will come to $70,000. I am working with an awesome wife and husband / property manager and contractor team. Repairs will wrap up in two weeks, and we just found a tenant to start February 1st at $1,100 / month. I'm planning to buy and hold, and I'm not expecting much appreciation. I'm feeling good about my first purchase! Fingers crossed!
@Jon Potter that's awesome, congrats. I know you aren't counting on appreciation, but what do comps in your area look like? I know everyone's got their own strategies - have you considered taking out a HELOAN/HELOC after renovations, then taking that money and starting over again with another property?
Secondly, if you don't mind, in what area is this property?
Best of luck and welcome.
congrats man. awesome. pray success continues to come your way.
Congratulations! nice way to start the new year with a success story :)
Sounds good! How did you find the short sale?
Congrats @Jon Potter !! Rinse repeat!
congrats @Jon Potter ! I hope everything goes as planned by that sounds like a strong deal!
@Jon Potter congrats! what area of philadelphia did you find this deal?
@Rob Randle: West Philly.
Sounds great, good luck. Welcome to BP by the way.
@Jon Potter can you share the contact info of the husband and wife contractor/pm team pls?
Awesome @Jon Potter Best of luck to you in 2017! Keep us updated on how your buy and hold goes!
Free eBook from BiggerPockets!
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.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!