thank you BP...first property under contract!

43 Replies

First of all, thanks to all of the BiggerPockets Community for answering hundreds of my questions.  What a great site!  

After looking at several dozen properties we found one in the newspaper FSBO. We made our appointment last week after doing some research and driving by the property a couple of times. It's a nice all brick fourplex about 5 miles from our primary residence. offered 95k and it was accepted about six hours later. each unit rents for $450.00 per month. Two units filled with long-term tenants, one just got new flooring and is ready to be rented and the other needs some new flooring and it is good to go. Previous owners have 6 other properties and are selling and moving to Florida for retirement. It hasnt been appraised yet but my estimate is that the value is around 115-120k according to comps. My wife and I are very excited to start this journey...again thanks so much for all of the advice on this site! I'm sure my asking of questions has only just begun! Ha.

DJ, by all means keep asking questions. Keep in mind that you are now quite qualified to answer many.

congrats on your first deal! I hope someday soon I'll be abled to do the same!

Congratulations, @DJ Cummins

Wishing you continued success. If you get a chance to visit the Metro East REIA, make sure you introduce yourself to me. I'm usually there by 6 PM.

Would love to hear about your first deal in person.

Congratulations! If you don't mind can you talk a little bit more about how you completed the deal. Was this via creative financing or conventional loan? As Jeff put it earlier you are now qualified to answer many questions. Well congratulations again and thank you for posting.

Sounds like a good deal especially if there's not a lot of delayed maintenance....I'm hoping to find a smaller multi as well...

Great job NA Cummins

Hopefully many more to come. Would love to hear more details regarding the deal.

Cheers,

Damir 

@Ronald Perich when are the meetings, I would like to go.

@Jeff Rabinowitz my wife and I have invested a few bucks here and there for several years now.  Thanks to Apple and Ford we are turning stocks into real estate.  We are putting 20% down with conventional financing. We got a good deal because the owner is selling all of his properties and retiring.  He is older and the property was fsbo and had a sign in the yard.  I dont think we had much competition for it.  

I am 100% learning as I go but I would always be happy to answer a question....if I know theanswer

Excellent Thank you for updates and details! After reading many of the posts on BP I believe conventional is the way I am going to go for my first property as well. Keep us posted on how it works out for you and hope you acquire many more.

Congrats!  The first step is always the scariest, but as long as you're patient and sock away money for emergencies, you'll be just fine.  Awesome job!

thank you all!  Ive been patient for a year or so trying to learn everything.  Im very excited to get started.  I'm sure I'll have a lot of posts in the near future...both with successes and questions

NA Cummins

They are the second Monday of the month. Kind of a drive for you as they are held in Collinsville, IL. You'll like the topic in April considering you are getting your first property - "Selecting the right tenant".

Check it out at http://metroeastreia.com/

I'm just a member there, and new so they might not know who I am. If you are coming, let me know and I'll keep an eye out for you. Like I said, I'm usually there around 6ish.

I put up a couple of posts on my website about it, too. Give you an idea of what the last two meetings were like.

I think there is a landlord association that meets in Alton. I can put you in contact with the organizer if you'd like as she is secretary for the REIA. I've never been to that particular meeting so I cannot vouch for the content.

congrats!!! Best of luck to you and your wife! 

Congrats on your first deal!  Deals are out there... just have to dig!  Good job!

Congrats, very exciting!

Congratulations! $1800/mth rent on a $95,000 rent ready property looks like a pretty nice rent ratio. Good luck.

NA Cummins Congrats on your first deal!! BP is a great site!!!

M & R 

NA CumminsCongratulations to you and your wife on your deal!

NA Cummins Congratulations to you and your wife on your deal!

Congrats! Scary first step of many I'm sure.  I'm in the learning and searching stage.  Can't wait to post a similar announcement

Congratulations!

DJ 

Great job.   I'm working toward my first and I hope to land soon.   Congrats

Steve Scanlon 

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