First investment property
Hey everyone! Just wanted to share my experience with my first investment property and get some discussion going!
When I bought this property I was 21. I used an FHA 203K loan to fund it.
I didn’t even have money for the down payment so I borrowed from a friend. Here are the details!
Purchase price 95k (short sale)
Wrapped 15K into the loan for floors, kitchen, and bathrooms to be updated.
1100 sq ft 3bed 1&1/2 bath
Total mortgage 110k
ARV is about 140k
Not the best numbers but I needed a place to live quickly and knew I’d have some equity with low risk and be able to cash flow easily.
I currently live in the house and I’m looking at my options of buying another house and renting this one out. Should cash flow about 500/mo
What would you guys do if you were in my situation? I have before and after pictures of the project but wasn’t able to figure out how to attach them so let me know if anyone has any suggestions on how to share them!