My First Real Estate Deal

[Chris Sullens]

So after much reading, I finally decided to take a shot at my first real estate investment; thanks in no small measure to all the wonderful information here at BiggerPockets. So here are the details:

Closed 5/11/17 

Finished Rehab Mid July

Placed a tenant Mid August

1,100 square foot  3 bed, 1.5 bath house, built in 1970, on a corner lot 1 block from a major university and health complex in Oklahoma City. 

Before Pics:

http://imgur.com/a/Zo8Ai

After Pics:

http://imgur.com/a/J46ka

Here are the numbers:

Purchase price: $55,000

Down Payment: $15,000

Monthly Mortgage (with taxes and insurance): $308

Closing costs/transactional fees: $3,600

Rehab costs (including appliances): $13,000

Monthly Rent: $975

So, I'm really happy with how it turned out, and I think I will be able to increase the rent next year too. Now it's time to start thinking about deal #2! Much thanks to everyone who helped me make this a reality, especially @RhettTullis and @ChrisLauhon and everyone at Integrity Oklahoma for helping guide me through the process. 

[Rocky Griffin]

I was just thinking about this deal yesterday and was curious how it turned out for you. Congrats man! Sounds like it went well. Curious though, did you go for short term tenants like travel nurses and med residents?