One Deal Done, But Still New

One Deal Done, But Still New

Rental Property Investor · Mechanicsburg, PA · Member since 2017 · 20 posts · 11 votes
Hello BP friends, I'm fairly new to both the professional and investor world. I graduated from college in spring 2016 and began working in medical device sales a few months later. Like many of you, I read a series of real estate books and fell into BP. I drive a lot, so I've listened to all the podcasts and decided that it was time to take action. In November 2017 I closed on a SFR property in Steelton, PA. It was an inexpensive first deal that i entered with a partner who has similar RE goals. We used a private loan to purchase and rehab the property, which needed minor work. It currently rents at a monthly rate 2.5x the purchase price - providing plenty of cash flow for our reserves. I believe we are all in at about 70% the ARV. I'm seeking to add to my personal investing via a house hack. I need to move towards Philadelphia in the coming months and currently seeking a 2-4 unit property that works for my FHA 203k loan. Side note, I have a great mortgage broker with experience in FHA loans and investing if anyone in the area needs help. I'm going to ask a lot of questions of experienced investors so I am happy to answer questions that I have an answer to. Looking forward to connecting with like-minded people! Nick
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Lender · Northbrook, IL · Member since 2014 · 198 posts · 50 votes
8y

Wow congratulations! I hope 2018 brings you further success!

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  • Rental Property Investor · Atlanta, GA · Member since 2017 · 126 posts · 110 votes
    8y

    @Nick Hundertmark, I only put 5% down, so it will be a while before I'll be able to pull some of the equity out. I love the location and quality of my condo (which makes it easy to find tenants) and that the househacking covers most of the cost, but if I could go back in time, I probably would have gone the SFH route. The HOA fees and rent restrictions are pretty big downsides. It's like a 3-4 year waitlist to be able to rent the condo out as a pure investment, so I'll probably sell before it gets to this point. I wish I had the option to buy a new personal home next year and keep my current home as a pure investment property. Hindsight's 20/20, but at least I learned some good lessons from it, even if it wasn't the best investment decision.

  • Realtor · Camp Hill, PA · Member since 2016 · 69 posts · 17 votes
    8y

    Congrats on your first deal. 

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