Just Closed on my Second Property! In Durham North Carolina
Well, I actually closed on it on Friday. But I've been moving stuff all weekend.
New House Info:
A neighborhood
Durham, NC 27703 in a large community with pool, tennis, etc.
3/2, 1400 square feet, 2 car garage
Numbers
Purchase Price: 155K (2K in seller credits)
Total Cash to Close $10,200
Initial Repair Costs: $3000
Total Monthly Payment: $993
Projected Rent: $1400/month
Cash Flow per Month (After Maint. + Vac.): $200?
I will be living in this new house for a year, and then I plan on buying another one again. The house is turnkey but I plan on putting about $3,000 into it to put it in pristine condition and attempt to get rents up as high as possible.
My first property I purchased was a Duplex that I purchased in North Raleigh a year ago. I house-hacked for a year, and now moved out and have both sides fully rented out.
Duplex Info:
B- Neighborhood
Raleigh, NC 27615
Numbers
Purchase Price 180K
Total Cash to Close: $6000
Initial Repair Costs: $6000
Total Rent: $1870
Total Monthly Payment: $1143
Cash Flow per Month (After Maint + Vac): $487?
I plan on exploring more avenues as to how I can acquire properties FASTER! It seems like picking up 1 a year and using a low down payment is pretty simple, however moving every single year can become a pain. Hopefully I will have enough cash in the near future to start putting 20% down on places. If it weren't for having an extremely boring job once upon a time, and listening to podcasts all day at work, I would certainly not own two properties right now! Pretty much every real estate deal/decision I've made has been based on things I've learned on BP, or people that I've met... On BP! Shout out to @Michael Jobe for being for being my real estate broker.