Closed on my first deal!
After studying real estate investing for many years I finally have a rental property to call my own.
I'll start with the failed deal-Put an offer in on half a duplex in Littleton, CO- FSBO. My wife and I were working with a realtor who found the deal, but it was her first transaction and totally botched the whole thing, won't go in to details but at the end of the day she didn't want anything to do with it but still wanted her commission. We ended up doing the whole contract, signing the deal with the seller @ $180k 4bed/2bath. The deal fell through when we found out that the sewer line did not have enough angle to drain properly to the main line.
That was three years ago-the other half of the duplex is literally on the market right now for 300k - same layout, side by side duplex. In hindsight probably should have gone through with it!
Closed deal- 3bed/2bath SFH - Purchased from an owner that had a family member "renting/caretaking" it for them as they were living elsewhere. Found out that they had been talking to the "we buy ugly houses" people about selling it. After several calls to the owner we worked out a deal to purchase the property for the same price as they had offered with slightly more favorable terms for their family member living there.
We have been renting to the tenant that was present @ 40% of market value per the deal. Next month the rent goes up to 80-90% of market rent. Hoping for the best as the tenant is very nice and takes great care of the property. I believe have a solid lease in place.
The property is in excellent shape -purchased for $240k, estimated value $340k.
Can't wait to start bringing in more rent so we can purchase another!
Thanks for everyone's input, insight and encouragement over the years here on BP.
Cheers!