Updated about 9 years ago on . Most recent reply
First Deal Done
I joined BP a while ago, maybe a year ago. At the time I knew (like I had known the last 15 years) that I wanted to get into real estate investing and grow it to the point of living off the rental income. I closed my first deal on June 6th and got it fully rented out earlier this month. After the mortgage, insurance and taxes I've got $1k to cover repairs and maintenance and lawn care. I got the seller to take care of a lot of the deferred maintenance before closing by offering a generous (but not crazy) purchase price.
I got $5,500 seller credits at closing.
I spent $3k on the Unit I turned over. The other unit I took with the tenant in place. Tenants pay all utilities.
With basically $800-$1k net profit per month I'm okay with the upfront expense.
My tenants deposit rent to my bank account. I have a handyman with broad range of skills and who is very happy to work at reasonable prices (with an assistant) and will travel practically anywhere in the region for me.
After the month I spent turning the apartment over I am hands off. I am now looking for my next property. Since this first one was done with conventional financing, I'm looking for a seller financed multifamily deal. Of course I'm open to other options. Mainly looking in Palm Beach County Florida. I'm a buy and hold person. Let me know if you hear anything.
Wishing Success to Everyone!
