1st Success in Seminole County FL
Hi All,
My business partner and I have successfully Bought, Rehabbed, and Rented our first property with a 18.3% Cash on Cash return. This is a huge success for us being our first time now all we have to do is refinance and do it again!
So a backstory on how we got started, I was looking to invest in real estate after hearing about great returns in Volusia county FL late last year but thought it would be safer to stay close to home (Central Florida) and ran into a coworker, @Account Closed, who was looking to do the same. It was a perfect scenario as I had the cash to invest but due to a foreclosure in 2009 didn't have the credit and he had the credit but didn't have the cash. I guess you naturally attract what you are looking for.
This site has been a blessing with all the help you get, the tools, and friends you make along the way. We made a lot of mistakes and definitely over spent but we learned for next time which is a reward in itself. Now we know what it takes, what to look for, and we are building our team.
We found this property literally on the first hit and only hit of one of our bandit signs we had placed around town. The couple had just closed on the property didn't have the cash or the time to fix it so they decided to sell it for a quick return. So here's the deal.....
Purchase Price 81,000
Loan Amount 78,500
Rehab $10,230
Rent $1000
Monthly Expenses $744.25
Monthly Cashflow $255.75
ARV $120,000
Before
After