Closed on my 1st rental today.
It has been a long time coming but it is finally hear and still very nervous! I think this is a success story but you tell me.
I purchased a 4/2 SFH about 1/4 mile from the university my son is attending. I bought this for him and his 3 current roommates to live in for their last 2 years at college it just needs a few small things like door handles changed and sticking doors.
Bought the house for $157K and the mortgage is $803.
Each room will rent for $450 a month year round and I will pay for utilities. My son will not pay rent but will act as my property manager to get him some experience in REI.
Payment of $803
Rent of $1350 based off 3 rooms rented
Utilities of $ 250
Cash flow of $ 297
One huge benefit of this is I will not have to pay for my sons housing for the next 2 years saving me about $14,000. When this group graduates in 2 years, I will rent out all 4 rooms.
Thx to everyone on this site for all the help and knowledge. Not sure I would have had the courage to complete this deal without it.
I am off to see my 1st possible flip! It seems like the floodgates are open now
Blessings!!