First deal (Philadelphia)

12 Replies

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. 

@Jon Potter  

Congratulations! nice way to start the new year with a success story :)

Sounds good! How did you find the short sale?

congrats @Jon Potter  ! I hope everything goes as planned by that sounds like a strong deal!

Thanks all for the nice comments. @John Matthews , yes, I'm definitely planning to roll things forward, and I'm focusing on West Philly.  @Reggie Maggard , I just found the short sale on MLS. @Nathan Paisley , haha, yes, exactly!

@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 

@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!

-Tyler

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