First deal finally done!!!
It seemed like forever but my first deal is finally in the books! Thank you Bigger Pockets community, the knowledge and wisdom is invaluable.
The Deal:
Through an old contact, I located a SF home in a good neighborhood in my town and put in an offer.
Negotiated an Owner Finance and closed escrow after 2 weeks.
Price: $72,500
Zillow Est: $111,000
Summary:
It was an absolute emotional roller coaster, navigating through all the small details that wont be a big deal next time around. Some of the details include a 975 sq ft craftsman with unfinished basement and dis-attached garage. Great original molding, trim and hardwood which was burried under nasty carpet.
The first weekend after closing I was able to get those carpets out, clear the staples prepping for new flooring. Paint all walls and trim and do basic cleaning.
Next Step:
I am still in college while my wife works full time and I play baseball so time is officially crunched. I have a renter lined up for an interim period before I graduate in May and will then have appropriate time to get the house in best condition.
-Interim renter will cover my mortgage for the 4-5 month period
-Market indicates after small renovations of bathroom and kitchen and floors I will get >$1000 monthly
I am very happy how it all worked out and I wanted to thank everyone on here. This site is awesome.
Goals for 2015
-one more owner finance deal!