Updated about 7 years ago on . Most recent reply
Just closed - first out of state buy & hold
Hi everyone - after a year of research and a couple of deals that fell through, i wanted to share that i FINALLY purchased my first out of state buy-hold property. It's a multi-family commercial building in Kansas City.
25% down, 6% interest rate, 25 year am, 11% cap rate, with 48% cash on cash return. My numbers are based on net return and include principal & interest loan payments, insurance, estimated taxes, utilities (i have to pay them), and property management. There will obviously be ongoing and differed maintenance as well.
I'm sharing because i want new members / new investors to know that if i can do it, so can you. I'm just an average guy with a day job like most of you. Stay motivated and positive people. On to the next. Happy Monday everyone!
Jeremy
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