VICTORY! I finally did it

VICTORY! I finally did it

Investor · Denver, CO · Member since 2016 · 181 posts · 242 votes

Just closed on my first SFH 2 weeks ago and I am AMPED to have finally defeated paralysis analysis and joined the club. Quitclaim deed has been initiated and the property is officially in the LLC's name. Let the fun begin! Here are the dirty details:

  • Purchase price: $112,502
  • 25% down
  • 3.375% int rate (paid ~ $1,500 in points)
  • 3 bed 2 full bath with 4th non-conforming bed in the basement
  • Detached garage and carport
  • Property taxes $1,127
  • Insurance $1,050
  • Property management 5%
  • Rent $1,250
  • Vacancy rate 5%
  • Maintenance and repairs 6%
  • Oh **** fund 5%
  • Cash flow $421/month

My main issue going forward (like many fellow investors) is having enough capital to purchase more properties. I am able to find great (> 1% on the 1% rule) properties but I don't want to wait 6 months to save up enough cash. Time to get the BP book on no and low money down and also find some partners!

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Scott TrenchPro Member
Rental Property Investor · Denver, CO · Member since 2014 · 2k+ posts · 6k+ votes
6y

@Nicholas Sheridan, Jr. in light of your post, we are going to officially relabel the “capex reserve” in our calculators the “oh sh** fund”. This is far more intuitive.

Congratulations on what seems like a great first step!

See this reply in the discussion

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  • Investor · Denver, CO · Member since 2016 · 181 posts · 242 votes
    6y

    @Basil Toyloy It seems to be very very common these days, nope

  • Investor · Denver, CO · Member since 2016 · 181 posts · 242 votes
    6y

    @Sam K. Thanks!

  • Member since 2018 · 3 posts · 1 vote
    6y

    @Nicholas Sheridan, Jr. good call on the “oh &#?! Fund” 😂😂

  • Member since 2018 · 2 posts · 0 votes
    6y

    @Nicholas Sheridan, Jr.

    Congratulations!! Sounds like you bought a great property. After my first purchase, I spent a lot of time figuring out how to get my next property within my finances. I’m sure you’ll figure out the best way for you to get your next door ! 👏👏👏👏 congratulations from Oahu, Hawaii 🤙🏽🤙🏽🤙🏽

  • Investor · Denver, CO · Member since 2016 · 181 posts · 242 votes
    6y

    @Kealii R Manner Thank you! @Bruce Hill Oh absolutely, you never know how expensive something is until it breaks.

  • Real Estate Agent · Maui, HI · Member since 2019 · 35 posts · 18 votes
    6y

    Way to go! Congratulations!

  • Investor · Longmont, CO · Member since 2019 · 46 posts · 23 votes
    6y

    @Nicholas Sheridan, Jr. Do you mind sharing your commercial portfolio lender info I'm in the Denver area as well and looking for additional sources on the commercial side.

  • Rental Property Investor · Kansas City, MO · Member since 2019 · 44 posts · 17 votes
    6y

    @Nicholas Sheridan, Jr. that’s awesome! Thanks for sharing the success. Sounds like a good start.

  • Member since 2020 · 1 post · 0 votes
    5y

    Hey @Nicholas Sheridan, Jr., congratulations on the property! I hope all is going well so far. I'm looking at purchasing a property and transferring via quitclaim to a series LLC. What was your experience like for doing the quitclaim? Are there costs associated with it? How long did it take? Any information you can provide would be a HUGE help! Thanks in advance for your time.

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