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