Analyze My Deal - Lancaster, California

[Daniel B.]

First time RE investor, long time BP follower.

I made the jump since I have a network (agent, gardener, electrician, etc.) in the neighborhood, the cash for the down payment, closing costs, and emergency savings for the house if needed.

House is section 8 and has a long time tenant in the property for years (~10yrs).

Type - 1980s Single Family, 4 Beds, 3 Bath, 2000k sq ft

Location - Lancaster, California

Purchase Price - $270k, paid w/20% down

Appraised - 288k

Rent - Section 8, $1850/month. Working on raising this with the housing authority to over $2.1k.

What do you think of my deal? 

Some other questions:

• Does anyone have experience working with the housing authority and ways to increase rent with them? Ant best practices to consider?

• When is the best time for me to refinance on this property? I'm looking to purchase another one in a few years.