All Forum Posts by: Carson Hyland
Carson Hyland has started 1 posts and replied 1 times.
Post: New Investor -- Tips Needed!!!
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Hello,
I'm excited to be starting my real estate investing journey with my wife. We are in East Central Illinois. We are both in our mid 20's, so we were still pretty naive when it comes to a lot of this stuff. We bought our first property off market back in Sept 2024. It was basically a gut job. We remodeled the whole thing and should have it rent ready in by 3/25. Renovations were quite a bit more than we had expected due to more issues than we were aware of. Even with that, I think we will still be way ahead.
2 bed, 1 bath, 1200sq/ft, detached 1 car garage
Purchase Price: $38,000
Repairs: $20,000
ARV: $96,000 (based off Zillow, but a local real estate agent thought that was pretty accurate)
Mortgage: $430
Insurance: $55
Trash Included: $25
Rent: $1,000
We are now going through applications for our first tenant.
Like I said, I am very excited to get started, but it is slightly overwhelming! Haha!
Any tips or advice would be appreciated!!