Slidell, LA · Member since 2018 · 23 posts · 11 votes
Hey Everyone,
I have reached out to a few of you to connect, but would love to meet more fellow Real Estate Investors - especially in the NOLA/St.Tammany area. I am a newbie to RE Investing and have a SFH in Slidell, LA that I purchased in 2017. I am currently looking for another deal for 2018 and I also recently got my real estate license. My goals are financial freedom and building generational wealth for my family. Always looking for a great deal, partners, lending options, and how I can help you as a realtor. Please reach out an connect I would love to talk and learn new things.
Because I have been asked a few times I will share the numbers of my first and only deal.
- Purchased a home for 135k - 4bed 2.5 bath - ARV was 182k
- Bank loaned me 145k - 80% of the ARV
- put 10k of my own money into rehab.
- got a monthly payment of ~$1000 and have a tenant that pays $1550 a month.
Looks like a winner to me. Don't have all of the info needed but looks like after vacancy, capex, repairs and management you are clearing well over 350 per month. Cap rate somewhere around 8.5 and cash on cash 16.5% Better than most 401K returns. Great Job! I would do that in a heartbeat.
Great point Neil. As a rookie investor I didn't account for those in my numbers - luckily the numbers still worked out. I have Capex is about 10% and vacancy is around 3-5%.
Welcome to BP! There is a ton of great info here and if you can't find something everyone is very helpful. There are some very useful spreadsheets available to help you track your income and expenses to get a better idea of your cash flow as well. I'm not far from you in Laplace.