First Purchase 3/1 SF in SW OKC/Moore

[Thomas Graham]

Greetings, I purchased my first rental property a few months back and wanted to get your thoughts/feedback. It was originally listed at $84k but purchased at $74k. Home had all new flooring and kitchen and bathroom were completely remodeled. I had renters pretty much lined up and showed them the place the day we closed. Rent is $850/month and my monthly mortgage payment, interest, taxes, and insurance are $618.99 (on a 15 year Am) leaving me with roughly $231/month cash flow. I plan on managing the property myself. The home is in a desirable suburb of Oklahoma City with a solid school district. The neighborhood is old (home was built in 1964) and I don't figure will have much appreciation or at least not significant. I'd like your feedback though. Obviously I've already purchased the property so no going back now. I'd like to know what I possibly missed though so I don't make a mistake on the next purchase. If you need any other details let me know!

[Kevin Laughlin]

Congrats on making the leap Thomas! I must say I'm a little jealous. My wife and I are in the midst of trying to acquire our first! We manage a big apt complex and are ready to start our our portfolio! I would love to get with you and hear how your experience went and would gladly give you feedback on what we experience from the property management side of things. Let me know if you are interested. We would also love to find some like minded people in the area or know if you are in a local association where we could get involved. Again congratulations!