I have fallen behind with posting this. I purchased my first investment property in September 2017. I went in with a roommate from college (also my best friend since Elementary School) and purchased a SFH. We purchased the house below market value to get instant equity in it (~$15k). The house is also on the best street in the neighborhood we live in and housing inventory is always low in the area.
The house is a 4 BR 3 BA. My partner and I each have our own BR and we rent out the other to BR's to friends of ours. We have almost cut out our payment entirely (including utilities). While we are living in the property, we are rehabbing many aspects of it (the basement, bathrooms, kitchen, etc...). Our goal is to cost effectively update the appearance of the house to increase the value of it for when we decide to move on and sell it. We split all costs down the middle (closing costs, rehab, etc...).
So far everything has worked out pretty well. Just wanted to share my first deal!
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