Rental Property Investor · Dothan, AL · Member since 2019 · 35 posts · 32 votes
I recently won a bid on my first rental property.
Asking was 37000
Won bid on 34000
Appraised for 55k
Single family 4 bed 1.5 bath 1200 sq
In subdivision of rental area.
Located in Webb,al. 15 mins from Dothan, Al.
House is walking distance to dollar general and major steel factory. Good subdivision
Newer roof, no major repairs needed
Section 8 will pay 800 a month min.
I decided to put in business name llc. It delayed process. Closing is in a couple weeks.
HELP LOL.
I have been watching bigger pockets for 2 months and decided to jump in. And other investor podcasts and all. Rich dad poopr dad saved my future from rat race. Any and all advice needed
Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
6y
At first blush, @Kam Mill, you're beating the 2% rule, which is great, but not the whole story.
You said no major repairs. There's sure to be some deferred maintenance. How much is required?
Have you inspected the property and all of it's systems?
What are ALL of the expenses?
What are your financing details?
You wrote that "Section 8 will pay $800/month." Has this been inspected and approved by Sec. 8 yet? Will the land lord be responsible for utilities (they are in many Sec. 8)?