Pulled the trigger on my FIRST SF investment!!
Hey Everyone,
Thank you for the kind advice first and foremost that assisted me into making a wise decision to start off my RE portfolio. The bigger pockets platform allowed me to network positively and I found a GREAT realtor and GREAT lender.
Currently on contract for a Single Family home under 140k (Owner Occupied)
3B 2Bath in a growing area.
Looks very well taken care of and I'm currently awaiting inspection.
Large front yard and back yard.
Can anyone provide me advice?? ANY advice that relates to the purchasing process, inspection, how to increase value, and tips on how to jump into my next investment in 8-12 months.
I plan to owner occupy it for 1 year and move on to my next investment.
The home is near international airport, malls, shopping centers, hospitals and gas stations.
I'm thinking ahead to be prepared in advance, not sure if Furnished Finders or regular rental would be beneficial just yet. Looks like I have a chance to make a positive cashflow not by much maybe $50.00 monthly to start. However, still a win for me because I'm thinking long term and also because lots of properties I came across were negative cashflow, not sure if it's like that for most investors.
Thanks again! Any type of feedback is awesome!
Nice job getting your first house under contract! This story is similar to how I started. I ended up getting roommates which made it to where while I lived in the house, I lived there almost for free.
If you've already ordered a home inspection, that's the most important part of your due diligence. In my area it is also very common to order a sewer scope and a termite inspection. But I can't comment as to whether or not that's necessary in your area.
$50 per month in cash flow is light but your cash flow situation will improve if rates end up dropping in the next couple of years and you refinance into a better rate. Or of course if you are able to raise rents. Or better yet, a combination of both.
Quote from @Gilda L. Sauceda:
Hey Everyone,
Thank you for the kind advice first and foremost that assisted me into making a wise decision to start off my RE portfolio. The bigger pockets platform allowed me to network positively and I found a GREAT realtor and GREAT lender.
Currently on contract for a Single Family home under 140k (Owner Occupied)
3B 2Bath in a growing area.
Looks very well taken care of and I'm currently awaiting inspection.
Large front yard and back yard.
Can anyone provide me advice?? ANY advice that relates to the purchasing process, inspection, how to increase value, and tips on how to jump into my next investment in 8-12 months.
I plan to owner occupy it for 1 year and move on to my next investment.
The home is near international airport, malls, shopping centers, hospitals and gas stations.
I'm thinking ahead to be prepared in advance, not sure if Furnished Finders or regular rental would be beneficial just yet. Looks like I have a chance to make a positive cashflow not by much maybe $50.00 monthly to start. However, still a win for me because I'm thinking long term and also because lots of properties I came across were negative cashflow, not sure if it's like that for most investors.
Thanks again! Any type of feedback is awesome!
Congrats, Brownsville or which town?
Mcallen TX near the Plaza Mall.
Congrats Gilda!
Congrats on your first purchase!! The first step is always the hardest.