The compound effects of action over a period of time - our first deal!
I have been on BP for quite some time, almost 4 years now. I have been very close to several deal at various periods throughout that time. For one reason or another they never materialized. Then about three years ago I got licensed as a Realtor and started doing retail real estate part time while I had my full time job. After a year, I was able to "Layoff my Boss" and go full time into real estate. The last two years have been incredible, but I never lost sight of why I got licensed in the first place, so I could learn my market, and see a smoking hot deal when one presented itself.
I am ecstatic to announce that we are closing on our first property today - a 6 unit apartment building. I was looking for deals but was keeping my search for 4units and under due to financing constraints, but then this 6 unit popped up on my search and I just had to check it out. It was a foreclosure and a small local bank was holding it and offering the financing on it, only 15% down, no pmi, no appraisal (it had already been done) oh, and 5 of the 6 units are already rented and there is a waiting list for the 6th unit. I kept looking for the "catch" and I couldn't find one.
I kept running all my numbers and with management, expenses, and a capital account for maintenance the COC is 9.47% with just 5 units at 83% occupancy(a month vacant of each unit) and with all six rented, the return jumps up to 23.56% COC.
So today marks a pretty big day, we are really excited and ready to continue to push forward and take action daily to create our life by design, and not by default.
Thanks BP, the community here made all the difference.