Bluffton, SC 路 Member since 2018 路 63 posts 路 205 votes
Well, I am pleased to say that I finally got my first property in Columbus GA renovated and rented. I purchased the property on auction dot com for $25700. Renovations costed $12,000.
I am all in for $37,700.
On December 31st I signed a 12-month lease with my new tenants for $1050 a month. Can you say super excited! Now I am trying to decide whether I should refinance and take the cash out or just keep it going and save up the cash to repeat the process in another year or so. I purchased and renovated using my savings so I don't have a mortgage on the property.
Congrats! I'm not familiar with the auction process. Did they/you do a walk through and provide pictures? Is it literally sight unseen?
I bid on the property initially without seeing it. Once I won the auction I drove to see it and assess what a mess i might have made before I wired the total funds. This way I would have only been out of my earnest money if it was a disaster.
Interesting! Did you take any contractors with you or anything?
Yes I did. I took one contractor with me who is a friend from highschool. I own a property management company so I knew what I was looking for in regards to renovations and repairs.
Awesome. What class neighborhood would you say this is? Were you able to tell that from the auction?
Congrats! I'm not familiar with the auction process. Did they/you do a walk through and provide pictures? Is it literally sight unseen?
I bid on the property initially without seeing it. Once I won the auction I drove to see it and assess what a mess i might have made before I wired the total funds. This way I would have only been out of my earnest money if it was a disaster.
Interesting! Did you take any contractors with you or anything?
Yes I did. I took one contractor with me who is a friend from highschool. I own a property management company so I knew what I was looking for in regards to renovations and repairs.
Awesome. What class neighborhood would you say this is? Were you able to tell that from the auction?
Its blue collar for sure but thats the sweet spot in my honest opinion. Cheaper homes with higher margins.
Congrats! I'm not familiar with the auction process. Did they/you do a walk through and provide pictures? Is it literally sight unseen?
I bid on the property initially without seeing it. Once I won the auction I drove to see it and assess what a mess i might have made before I wired the total funds. This way I would have only been out of my earnest money if it was a disaster.
Interesting! Did you take any contractors with you or anything?
Yes I did. I took one contractor with me who is a friend from highschool. I own a property management company so I knew what I was looking for in regards to renovations and repairs.
Awesome. What class neighborhood would you say this is? Were you able to tell that from the auction?
You can put the address in a google map search and look around the neighborhood to see what it looks like. Also, do a Zillow search and see the comparables in the neighborhood
@Karam A Tascoe. Nice work on this one! How did you pick the town/area you decided to invest in? I am reading David Greene鈥檚 long distance investing and excited to start researching different areas to buy rentals!
@Karam A Tascoe. Nice work on this one! How did you pick the town/area you decided to invest in? I am reading David Greene鈥檚 long distance investing and excited to start researching different areas to buy rentals!
Way to hit this one out of the park!!
Cheap housing without a lot of fluctuation in market pricing and a large military installation.
@Karam A Tascoe Congratulations on your killer deal!!! I鈥檓 a realtor here in Atlanta Ga looking to acquire my first buy and hold with in the next 6 months.#Motivation 馃檹馃徑
Congratulations!! It makes me excited to know that there are deals out there with the same value as my car. I am planning to purchase my first investment property this year. I am in Los Angeles, CA and the market prices are high here so I am considering to invest out of state.
Of course BRRRR sounds like a good quick(er) process, but in your situation, I think not doing BRRRR will help you build wealth in the long run. Slow and steady wins the race.
I鈥檓 brand new to this, but have been listening to Bigger Pockets for 6 months.
Question; if you refinance your home and when the economy hits a recession, can the bank demand the loan to be paid in full immediately?
Is there any con to refinancing besides just having a mortgage payment?
Your story is super inspiring and you paid for the house with CASH! Wow!
@Karam A Tascoe Fantastic #'s! Congrats.... Dying to know the ARV... Please share.
I vote once property is seasoned (3-6 mths collecting rent) you run, not walk or as @Aimee German would say "you cartwheel" to a community bank to finance that asset and go for another one! BRRRR :)
@Karam A Tascoe Congratulations on your killer deal!!! I鈥檓 a realtor here in Atlanta Ga looking to acquire my first buy and hold with in the next 6 months.#Motivation 馃檹馃徑
Congratulations!! It makes me excited to know that there are deals out there with the same value as my car. I am planning to purchase my first investment property this year. I am in Los Angeles, CA and the market prices are high here so I am considering to invest out of state.
Best Wishes!
You can do this Joanna. Dont be afraid to go out of state. The biggest issue is going to be finding a trustworthy contractor. If you dot your i's and cross your t's you can manage this no problem
Sounds like a crazy good deal you lined up here. What class neighborhood?
What's the ARV on this place? The cost to rent is amazing!
Its a blue collar neighborhood. I dont typically like to do the AV without an actual appraisal but im certain based off of comps its worth 75K conservatively.
@Karam A Tascoe Fantastic #'s! Congrats.... Dying to know the ARV... Please share.
I vote once property is seasoned (3-6 mths collecting rent) you run, not walk or as @Aimee German would say "you cartwheel" to a community bank to finance that asset and go for another one! BRRRR :)
I have been torn with this decision for a few days now. I really dont want a mortgage on a home I own free and clear with the cash flow Im getting. I would probably do it for an apt or multi fmly