I just made my first DEAL!!! Woo hoo!!!
Made my first two offers last week and one got accepted today!
It's a 3 bedroom 1 bath home on a half acre. It's already been flipped (work is pretty much done).
They wanted $74,500, and we made the deal at $66,000. I do need to buy appliances, but other than that It shouldn't cost much. Roof is in good shape and it has a new AC and Hot water heater.
I should be able to rent it out for $650 - $950. Since this is my first time doing this, I'm giving myself a range.
I'm putting 25% down so it should cashflow even on the low end. Super safe investment property.
It should appreciate well. It's on a nice road with well kept houses. There are a few new constructions a few houses down.
I also plan on adding a 2nd bathroom when we decide to sell it.
The house has a large kitchen, we could easily take some of that space. So that should add some solid value.
Either way I'm just PUMPED
My goal was to buy our first deal on a single family home for a rental property before the end of the year.
Can't wait get it fixed up and read to rent in 2018!