First investment completed

15 Replies

Hi everyone! My wife and I just closed on July 22nd and now have our first real estate investment! We purchased a duplex and triplex that sold for $159,500 with a commercial loan. After negotiating, the previous owner made repairs to bring 2 of the units to rent ready condition and credited $4,500 at closing. The other 3 units are rented at below market worth so will have to make increases in the rent amounts. Already we are getting inquiries from our listings. When we have these properties fully rented at proper market value, our cashflow will be $540 per month. One basement apartment can bring in more money once it is upgraded from a studio to a 2 bedroom by putting in egress windows. We are excited to be landlords and have been learning very much from the blogs, forums and webinars here on BiggerPockets. The education from this site is invaluable! 

@Bill Fallesen

Congratulations!! I just closed recently on a similar setup. Hopefully, you will be able to get all occupied and start looking for your next investment.

Thanks Jasmine! I assume that you are looking into the Norfolk Virginia area! I wish you much luck! I live in Norfolk Nebraska which is much smaller, about 25,000 but is growing. There is a lot of potential in both of our areas!

Hi Alejandro, I used the Rental Property calculator here on BiggerPockets. It is very easy to use, I encourage you to evaluate a lot of properties and buy the best deal. Do your due diligence when inputting things like what your insurance and other expenses would be as mistakes here could lead you to a deal that's not as good as you thought. Study and then do, that's how I got over paralysis. My agent was surprised at the knowledge that I had obtained here and that gave me the confidence to get started. 

Thanks Cody, I also have thought about house hacking but so far finding a duplex in my area has proved elusive. My thought was to use either my VA benefits or FHA to get into it with a lesser down payment.

Congrats Bill! My company manages several apartments on Main St in Neligh, and so far we have had good luck! Feel free to message me if you would like to chat!

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