Updated over 8 years ago on . Most recent reply
Finally closed on my first rental property
After 2 months and several obstacles I finally closed on my first rental property. I have been learning as much as I can on here and through several hundred hours of podcasts for about 6 months. I went and saw this duplex the day after it hit the MLS and there were 2 other investors there in the half hour I was. I made an offer $100 over asking price that night because I did a pretty good inspection and knew it was a great buy. They had several full price offers in the first couple days but my extra hundred helped me get it. It's a solid house in a really good location and neighborhood(A-/B+) and still does better than the one percent rule.
I wasn't originally planning on it in my initial offer, but after some issues the seller ended up offering financing at better than bank terms!
Deals are few and far between around here but I have set a lofty goal of 6-8 more units by the end of the year.
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Congrats!! First step is the Hardest or so I'm told lol... 6 to 8 is big goal good for you. I'm also working to get my second rental within 6 months.