First Property Up and Running - FINALLY a REAL Investor!

[Aaron Mikottis]

Hi everyone - I have finally hit a major milestone and I wanted to share it with this community. Over one year and three failed contracts later, I have finally purchased an investment property, fixed it up, and rented it out. 

Full album here. I had an uploading issue this morning with the upstairs unit but I will add the photos to flickr later tonight.

The numbers:

Property Type: Two-flat in a quiet neighborhood on the west side of Joliet, IL. Elementary school across the street!

Purchase Price: $20,000 Cash (It was an REO)

Repairs: $4,500 (consisting of windows, minor plumbing, and cosmetic issues)

Rent: 2/1: $700/mo. 1/1: $650/mo

Getting ready for property #2!

[JD Martin]

If you've not left out any deferred capital expenditures, that's a fantastic setup. $25k for $1350/gross rent? That's less than 24 months recovery which is unbelievable.