After 6 months of educating myself and searching for a deal, I have my first rental under contract. It’s a duplex, 2bd 1 bath in each unit. Price: $62,500, I’ll be putting 20% down on a 20 year mortgage. It should cash flow around $300/month after mortgage and expenses are paid. Current rents are $550 but average rent in that area for 2bd 1bath are between $750-$850, so there is potential for more cash flow.
Real Estate Agent · Sarasota, FL · Member since 2020 · 140 posts · 75 votes
3y
Congratulations! Sounds like a great deal! What market is your property located in? I am hearing a lot about investing in the midwest or parts of the south. I am in the FL market and there is nothing close to that price point in my market. Would love to know where else to look.
Congratulations! Sounds like a great deal! What market is your property located in? I am hearing a lot about investing in the midwest or parts of the south. I am in the FL market and there is nothing close to that price point in my market. Would love to know where else to look.
That property is in Williamsport, Pa. It’s a cheaper area, but not a whole lot to do there. There’s two colleges in town. That’s my home town so I figured it’d be a good cheap place to start. I live in southeastern Pa now, outside of Reading. There’s a good market here, but pricier. It’s closer to beaches, Philadelphia and other nice places. A lot of job opportunities here too. Hope this helps!
After 6 months of educating myself and searching for a deal, I have my first rental under contract. It’s a duplex, 2bd 1 bath in each unit. Price: $62,500, I’ll be putting 20% down on a 20 year mortgage. It should cash flow around $300/month after mortgage and expenses are paid. Current rents are $550 but average rent in that area for 2bd 1bath are between $750-$850, so there is potential for more cash flow.
Sounds like a great deal! Where did you end up finding this property?
After 6 months of educating myself and searching for a deal, I have my first rental under contract. It’s a duplex, 2bd 1 bath in each unit. Price: $62,500, I’ll be putting 20% down on a 20 year mortgage. It should cash flow around $300/month after mortgage and expenses are paid. Current rents are $550 but average rent in that area for 2bd 1bath are between $750-$850, so there is potential for more cash flow.
Sounds like a great deal! Where did you end up finding this property?
I found it in my hometown Williamsport, Pa. I toured it back in March and then the listing came down. I recently reached out and managed to make an off market deal