Sorta Newbie Columbus Ohio

[Scot K.]

Hi, 

I'm Scot. A few years ago I bought my first home/rental property here in Columbus. It's an all brick duplex with 2 bds, 2bth units. I'll be honest I didn't get a deal on the property or the financing. I paid 99K for it, put another 26k in upgrades via a 203k-B loan. Put another 11k on credit cards. I had a bad contractor and the reno that was supposed to take 2 months took 8. I had to learn some basic rules of the trade the hard way. However, in spite of all that I'm happy to report that I have a great tenant who rents the bottom unit at $725 a month. I plan to eventually move out and rent the other unit out at $750 a month. I recently just refinanced and expect around $500 a month after expenses. 

[Zeke Liston]

Originally posted by @Scot K.:

Hi, 

I'm Scot. A few years ago I bought my first home/rental property here in Columbus. It's an all brick duplex with 2 bds, 2bth units. I'll be honest I didn't get a deal on the property or the financing. I paid 99K for it, put another 26k in upgrades via a 203k-B loan. Put another 11k on credit cards. I had a bad contractor and the reno that was supposed to take 2 months took 8. I had to learn some basic rules of the trade the hard way. However, in spite of all that I'm happy to report that I have a great tenant who rents the bottom unit at $725 a month. I plan to eventually move out and rent the other unit out at $750 a month. I recently just refinanced and expect around $500 a month after expenses. 

 That's great Scot, my first deal wasn't the easiest either. Although I learned a ton and made my money on the next deal.