Bigger Pockets Success Story: 1 year of learning into ACTION!
SO.... after reading countless posts, listening to EVERY single BP podcast, joining the amazing Bigger Pockets community, I finally took the leap:
I just closed on my first RENTAL PROPERTY!
1. How I found it - I found it after networking with one of my local REI Groups (Shoutout to Otis DiCerbo!)
2. The numbers - It is a Duplex in the area of Pittsburgh known as Wilmerding. It's a D-class neighborhood sandwiched between Monroeville, North Versailles, and East McKeesport.
Former owner has the downstairs 1-bed unit renting for $400/mo. and the upstairs 2-bed renting for $400/mo. Purchase price: $20,000 Anticipated ROI = (Income: $800*12) - (Expenses: $500 taxes + $245 trash + $700 minor repairs) / $20,000 = 38%
3. Negotiation - He wanted out badly, and it was too good of a deal to pass on. I walked the property twice, had a home inspection, and took the leap!
4. Outcome - I bought it and I'm in the process of setting things up the way *I* want things to run!
Biggest lesson here is: There are owners who want out of their units. NETWORKING made this deal happen!