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Updated over 6 years ago on . Most recent reply
Analyze my first deal
Hello everybody, I am hoping to get your opinions on my first deal. I’m new to bigger pockets and I’m eager to get your thoughts.
I bought a 2 bedroom 2 bath cape cod style house back in April of 2018 in Greece NY for $47,000. I put 4700 down and after closing costs and lawyer fees I was into the deal for $8900. The previous owner was a complete slum lord so after a lot of back and forth with the building inspector I put another $4000 into renovating and and getting everything up to code.
The tenets have been great and it currently rents for $900 a month. My mortgage payment with property tax, school tax and insurance puts me at $558 dollars a month. The tenets are responsible for electric, yard maintenance and snow removal. I am responsible for the water bill and quarterly that’s been on avareage $28.
What are your thoughts on my first deal? Any advice for a newbie?