my first deal

7 Replies

hello all. My first deal is a multi family. It has 2 1 bedroom apartments with tenants In place. Income is 800 a month per apartment and my expenses are 157 a month for gas and electric. 5600 for taxes 1100 for insurance water and sewer are 200 a year. I am going into contract soon. The house is decent minor issues to fix. The asking was 99000 I got it down to 91000 and the estimated value is 115000. I believe the deal is decent and I hope all goes as planned. I hope to be working on another deal soon after this As long as this works out for me. I am planning to raise the rents 50 a month per unit to give a little better cashflow.

Good Luck! Congrats on taking action : )

 Let us know how it goes. Is your investment in Orange County? I am curious because I am in Rockland and I  think about investing in Orange County as well.

Congratulations and good luck! 

Well the seller gave incorrect information on the numbers of the house so when I read the contract it was a red flag. So I backed out of the deal and moved on to look for the next one. Yes I am in orange county.

Congratulations!!!!!

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.