Closed on 2nd Investment Property!! | 3 months after 1st

[Ryan Copeland]

Hello BP,

On Friday April 1, 2021 I closed on my 2nd investment property! I partnered with a family member on the purchase of this one.  It is a 3BR, 2BA, 1566 sq ft SF home built in 1965. It is 4-side brick too! It's a really nice property, has a flat back yard and sits on the end of a quiet street.

Now for what all of you investors what to know....what do the numbers look like??

Financial Breakdown

$54,000 = Purchase Price 

$16,400 = Down payment (30%)

$140,000 = ARV (could be higher, be we know we can get that)

$30,000 = Estimate Rehab Costs

5.66% interest rate on a commercial loan (financed under LLC)

Many thanks to all of the investors who share their stories, experience, knowledge and guidance in the forum.  Also big thanks to the entire community including podcast hosts and moderators to making this an incredible community for people to learn and grow.  Six months ago I was wondering how and when I would get my first property, now I just closed on my 2nd and am in communication to buy a 3rd!

[JD Martin]

Great find! I like to be all-in at 70% after rehab, and that's become really difficult to find in this market but you got right in there. Nice job! Also, I *LOVE* that type of house as rentals - 3/1-2 with a carport, all brick, is my favorite SFH to buy.