first deal
Happy to announce we just completed our first deal. Had been a student of Real estate investing for quite some time and finally pulled the trigger. We managed to use a heloc with 1.9% to purchase a 2/2 condo for 25k. We spent about $500 to make rent ready and the target rent is $850/ month. HOA is $242/ month so the cash flow will be decent. The question is to aggressively pay off the HELOC or use the heavy cash flow to build up reserves in case there are hidden costs that might come up? Also using a property manager since the property is 2 hrs away.