Closed on My 1st (2nd) Property!!!

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Today I closed on a 4-unit property which is my first "real" deal from start to finish!!! I have a property in SC that I inherited, fixed up, and rented out but today marks the day that I went through the entire 'research, analyze, offer, close' process and I'm beyond excited.

I wanted to give a big shoutout to everyone on the BP site who contributes on a daily basis because I could NOT have done it without you all! I'm looking forward to what this adventure has in store and I am motivated to make this a worth-while business opportunity which will lead to many, many more.

Thank you again, you're the real MVP's :) Keep doing you.

- Steve

Nice work @Steve DellaPelle  !

Not many people jump in and take the risk like you have. I would be interested in learning more about your story. How did you find it? How did you fund it? what are the numbers? etc. 

Let the Bigger Pockets family learn from your story.

@Spencer Scott

Purchase Price: $411,000

5% Down using FHA: ~$20,000

Estimated Rents: $4,550.00

PITI: ($2,760.00)

7% Vacancy + 7% Cap Ex + 7% Maintenance: ($955.00)

Est. Water/Sewage: ($200.00)

Total Expenses: ($3920.00)

Net: $630.50/month

Not a bad deal! However, I am planning on owner occupying and basically living rent free for a year or two.

@Kevin Phu Thanks!

4 Units (3-1BR/1BA & 1-1BR/1BA)

The 1 BR/1BA will go for $1,000-$1,100

The 2 BR/1BA will go for $1,300-$1,450

I am owner occupying one unit, one tenant stayed in with an existing lease and then the other two units need to be rented out. I am going through the renovations now, shooting for an Oct. 1st lease!