All Forum Posts by: Jashiel Munoz

A couple with two kids are paying $1660

Yes, and I get to keep some cash flow as well, not much but at least is positive 

@Bryan Nguyen There are none, this one came to the market and was sold immediately. I found it on Redfin, it is a 2br/1ba. I live in one of the rooms.  

@Luke Trovinger 

Yes I'm house hacking this property, cash flow is not that great but equity sure is going up exponentially every month.

@Dmitry Fomichenko Thank you so much!!!

@Brian Nguyen It is in the south LA area, I was so lucky because the house had several offers. My offer wasn't picked by the buyer. The offer that they wanted was actually 3k more than mine. When I went to tour the home the owner was there and we introduced ourselves and talked for awhile. When my agent called me to inform me that my offer was not accepted I wrote a letter to the owner, and asked my agent to send it to him. She called me the next day and said the owner accepted my offer knowing it was 3k less than the other he had. 

@Derek Meyer. Thank you, I will look for another property soon.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $205,000
Cash invested: $12,268

This is the data of my first investment property, Any advise is appreciated

Income
Monthly Rental Income $1,660.00
Total Yearly Income $19,920.00

Expenses
Monthly Insurance $44.03
Monthly Mortgage Bill $1,464.29

Total Yearly Expenses $18,107.43

Total Yearly Cash Flow $1,812.57

Purchase Price $205,000.00
Down Payment $7,117.94
Closing Costs $5,150.40

What made you interested in investing in this type of deal?

I was looking for something affordable in the Los Angeles area

How did you find this deal and how did you negotiate it?

I found this deal in the MLS

How did you finance this deal?

I got a mortgage, and I used an FHA loan

How did you add value to the deal?

I did minor repairs such as painting the property inside, fixed the plumbing, add vinyl floors, added moldings.

Lessons learned? Challenges?

The challenge was to acquire the property, there was a lot of competition at that time.