BP Success Story
My wife and I closed on our second property last week - a 4 bed/2.5 bath near White Rock Lake in Dallas. This entire deal would not have happened if not for Bigger Pockets - the contract was assigned to us by another BP member - Jerry Puckett (his user name is Edward Puckett) - and we met on Bigger Pockets. So huge thanks are in order to Josh Dorkin for creating this great site, and of course to Jerry, who I found to be honest, responsive and on the ball, and in general, someone I would like to work with again.
This property will work for us either as a flip or medium/long term hold. We picked it up for $100k cash, ARV is around $140k, possibly a little more, repairs needed to resell for market value would be around $15-17k.
It also works as a rental - it is currently leased at $1200/month with a long term tenant, so it should cash flow no problem, especially having paid cash. I figure that I can take up to about $70k out later with a cash-out refi that I can use for future investments. Too much more than that, and I don't think it will cash flow.
We're going to hang on to it as a rental for the time being. I am interested in the potential of the area - it is < 0.5 miles away from some much more expensive properties that are around the same size. As long as it cash flows, we can wait and see.