The Journey has begun!!!! Closed on 1st property

The Journey has begun!!!! Closed on 1st property

Lender · Denver, CO · Member since 2015 · 36 posts · 13 votes

After 8 or so months of learning and listening to almost every episode of the bigger pockets podcast episode I finally pulled the trigger on my first deal!!! Basically the deal was 99K for a duplex with current tenants that have been there for 11 years on one side and 3 years on the other. Many improvments such as new roof and electric water heater done within the last year. Partnered with a cash investor who fronted the cash and everything is split 50/50. Rents are 625/month per side. My payments to partner are 330/month including tax/insurance coverage. This brings me to around 295/month cash flow that is going directly to savings for any potential future expenses and towards the next investment. I am handling the management myself so I can learn more about dealing with tenants and managing the business. Have an offer in on my next property and will keep you all posted if it goes through!! Goal for the year was to buy 5 multi famliy properties and I may have two before January is over!! 

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Investor · Fairborn, OH · Member since 2012 · 36 posts · 26 votes
10y

The journey to a 1000 properties begins with the first closing. Congratulations.

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  • Lender · Denver, CO · Member since 2015 · 36 posts · 13 votes
    10y
    Originally posted by @Devan Fowler:

    Congrats @Justin Kroepfl! May I ask what it was listed at and how you found the cash buyer?

     Thank you Devan! It was originally listed at 105k and the cash buyer was someone I met through constantly talking about my real estate investment goals. We got to talking and he mentioned it's something he loves putting his money into and asked that I reach out if I find any good properties. 

  • Marion, AR · Member since 2016 · 12 posts · 2 votes
    10y

    Great job! I am hoping I can get my first deal down on these success stories here pretty soon! Congrats again and keep up the good work!

  • Investor · Chattanooga, TN · Member since 2013 · 53 posts · 24 votes
    10y

    congratulations!

  • Toronto, Ontario · Member since 2014 · 615 posts · 172 votes
    10y

    @Justin Kroepfl

    Awesome way to start the year..Congratulations.....

  • Investor · Wilder, ID · Member since 2015 · 18 posts · 4 votes
    10y

    Congrats Justin! Sounds like a great deal, way to go!

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