My Birmingham Beauty- First Turnkey- PICS
Good afternoon BP Fam-
After immersing myself with rich content the past 2 months at Bigger Pockets, and the endless streams of podcasts; I have my first turnkey rental real estate success story to share. I contracted this fixer upper back on May 17, and we closed today 7/1. Here are the numbers:
1. Purchase Price $114,000, with closing costs, all in around $119K
2. 1 yr Lease secured (tenants moved in) $1325/month, 10% more than my target rent. Location and quality of the rehab played a big role in getting a tenant so quickly; tenant signed the 1 year lease even before the property was finished.
3. My independent home inspection was very clean. I should not have any major capex issues the next few years, but will be banking all of the cashflow just in case.
Here she is: