Updated over 5 years ago on . Most recent reply
First Deal In the Books!! Thoughts??
I just recently closed on a 4 plex in SE Portland off 52nd & Burnside with the help of my cousin as a partner. I am living in 1 unit and renting out the other 3. 2 Units were empty when I moved in which meant I had to fill them as soon as I could find suitable tenants. Both are now filled within a month at market rate rents!
I just want to shout out Chace Fraser, an agent in Portland and a huge help for me during the whole process and continues to be a source of knowledge. I met Chace on this forum, so anyone looking of an agent I highly recommend him.
Numbers:
Purchase Price: $900k
Down Payment: Minimum down payment with Co-Borrower is 25%
Monthly mortgage w/ Insurance: 3650
Rent Collected Monthly: 3800
The only bill that comes out of my pocket is the water bill for the building and garbage, when split with my Girlfriend comes out to $150 a month to live here.
Would love to here some feedback from you guys, this is my first deal and I feel like I did a pretty good job (with the help of my team).