Waiting to close on first investment property. Now what?

[Eric Hargitt]

Hey everyone,

So after months of research, I'm about to close on my first investment property! Aside from being excited/terrified, I'm curious what people did or wished they did while waiting to close. I'm buying a SFH from HUD in Syracuse NY, using cash. It needs some renovation, and I have a tentative plan/budget. I've also prepared some pro formas. Anyone have any advice? I have to close by the 8th of October, but could be sooner.

Eric H. 

[Eric Hargitt]

Thanks for the quick reply @Steve Vaughan. Some more info: We plan on doing all the work ourselves. We are getting it for $18.6k from HUD, with an ARV of around $45 - 50k. We plan on holding it, and expect to get $ 900 - 1k for rent. It's a 3bd/2br, and we're looking mainly at a carpet/paint rehab. Brand new PEX plumbing and electrical, probably due to theft. Other mechanical looking good, but will get a clean/inspect on HVAC. Some damage to both bathroom shower/tub walls due to copper theft, but nothing major. Fence needs to be demo-ed and yard needs some TLC. I live in Cicero NY, so about a 15 min drive from my house to the subject property.