Investor · Playa Del Rey, CA · Member since 2016 · 51 posts · 46 votes
I just purchased my first property ever thanks to BiggerPockets! It's a B-class duplex in Texas that needed very little work to be ready to rent. Purchased it for $194k and closed my funding on June 1 and put up ads for rent. By June 3rd we have applications for both sides at the rent I was asking with some potentially great tenants. Gross income is $2400, PITI is about $1200. After debt & 8% capex/maintenance & 8% maintenance, the cash flow comes out to a little over $800/mo. All utilities are metered completely separate and tenants are taking care of the small yard. Super excited!!
Amarillo, TX · Member since 2015 · 44 posts · 6 votes
10y
Gabriel H.
Congratulations! That's awesome you closed on your first deal and it was a success. We definitely could use more success stories like yours here in Amarillo! Good luck and God Speed!
Investor · Playa Del Rey, CA · Member since 2016 · 51 posts · 46 votes
10y
Thanks all!
@Hersh M. - one of the main reasons I chose Amarillo because I have a lot of family there. My dad and his wife are also RE investors in the area and self manage their properties. His wife is my realtor and my dad is my PM. So I already have a great team that I can trust there.
@Tony Link - thanks for the article! I'm with you - I'm very happy to be investing in Amarillo.
I just purchased my first property ever thanks to BiggerPockets! It's a B-class duplex in Texas that needed very little work to be ready to rent. Purchased it for $194k and closed my funding on June 1 and put up ads for rent. By June 3rd we have applications for both sides at the rent I was asking with some potentially great tenants. Gross income is $2400, PITI is about $1200. After debt & 8% capex/maintenance & 8% maintenance, the cash flow comes out to a little over $800/mo. All utilities are metered completely separate and tenants are taking care of the small yard. Super excited!!
I like hearing great success stories with actual numbers. This is a GREAT deal. You were able to get excellent terms. You're insulated against lower rents in the future (no sign of that right now!). I'm jealous! Way to take a big step investing out of town. Who is handling your property management? Why not you!?
Investor · Playa Del Rey, CA · Member since 2016 · 51 posts · 46 votes
10y
Thanks @Account Closed! My dad lives in Amarillo. He is my boots on the ground there and my property manager. He invests in MF and SF rentals as well and self-manages 6 of his own properties. When I started looking at something to buy, he offered to manage the property for me for free.
I don't think I have the personality to be a PM. I'd be too much of a push-over for tenant sob stories.
lender is first united. Not a local bank, but definitely not one of the bigger ones either. If you don't mind my asking did they finance this deal under an LLC or as a personal mortgage?