Closed 1st deal!!....here are the numbers.

[Charmaine M.]

Hey all, after months of stress and agitation finally closed on my first investment.

Here are the numbers...what do you guys think?

Single Family 2/1

Asking- $290K

Purchase -$250K

Appraisal -$275K

DP- 20% ....didn't want to pay PMI

Grants/subsidy...$30K

Closing cost around $10k

Brought to the table $10,901.

Mortgage $1,225 @ 3.5 % 30yr

All in cost me around $35k out of pocket. ):

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Rehab to move in two weeks

* Paint whole inside + basement

*Gut and repair bathroom

*Remove glass/mirrors one wall living room

* Replace/Repair range over stove/exhaust

* Dispose of all garbage.

*Remove carpet through out the whole house.

* Cannot do the Floors...Not in the budget ):

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Next Summer Plans.

Covert Basement into a 2 bedroom apartment 2/1

Rental income $1200. $1250.00

Opinions & suggestions appreciated.

Thanks