Updated almost 3 years ago on . Most recent reply
My first deal
It wasn't an earth shattering success, but I'm learning along the way.
PP: $210,000
Down Payment: 20%
Closing Cost: $9,500
Rehab: $5,000
PITI: $1425
Rented: $1250 per month
Property Management: $83 per month
I did all the rehab myself to keep costs down, but ended up taking longer on the updates and probably not the best quality work. I'm paying $300 a month to cover, but I was investing $300 a month in stocks anyway.
Took 5 months to find a tenant so holding costs were rough.
With appreciation and rent increases, in 10 years i'd see a 7% return if I sold.
Other than finding a better deal initially, I feel like I've learned what it actually takes to try real estate investment.
Thoughts?