Closed on my first property last week!

160 Replies

@Steve K. I did not have a foundation specialist look at the property prior to purchase. I will bring it up with my property manager and try to get someone out there to take a look. 

Wow thanks to everyone for the kind words! I'm overwhelmed with all the positivity and humbled to hear that I've inspired some to pursue their first deal. This is why I love the BP community!

@Keenan Pearson Hi Keenan. A HELOC is a Home Equity Line of Credit. Simply put, it's like a having a low interest credit card that you can use to borrow against the equity in your home. The most important thing to note when borrowing against your home like this is to make sure you run the numbers on the property you intend to purchase and allow yourself some room to be able to make the monthly payments.

@Stacey Vilardi I'm working on bringing up the ARV and I'd eventually like to refi, but I don't think it'll be to the point where I can fully recover my initial investment. My original goal was to BRRRR to recover 100% of my capital at 6 months, but after months of searching with my realtor and no luck with the numbers on several properties, I decided I just needed to go for it and put in the 25% down payment on this one.

This is awesome!! I am definitely interested in Ohio at some point.Some great deals to be found there. I totally agree with your comment regarding a great agent and PM. I invest out of state and this has been key to my success so far and ease with the process. Good luck and congratulations on taking the first step, it only gets easier from here!

@Daniel Mendez the repairs have all been performed by my property manager's crew that he uses for his and his other clients properties, so I'm able to get great rates and the work's done very quickly.

@Maj Valero personally I'd LOVE to invest in Orange County, but it's just too expensive for me right now. I have areas around the country where I'd love to invest, but I wanted to start in Toledo because I'm familiar with the city and my parents live about 30 minutes away. I'd suggest to do your research on any market you want to get into. Get a hold of some realtors in the area and ask for their opinions on the market. I asked around on BP and also looked on Zillow's agent finder for top performers. Let them know your goals and be specific about your criteria. Eventually you'll find the right person. Build trust by showing that you're a serious investor and eventually you're fear will turn into motivation. All it takes is getting that first deal.

Originally posted by @Michael P. :

Dont panic over basement water .. worst case you get a french drain and sump pump installed

 

Agreed mate.

Water in basement's is common in Toledo.

The fix is a $20,000+ foundation restructure which nobody really does.

During very heavy rain we might get half an inch.

Rarely more.

Thanks 

Congrats brother!

I understand you used HELOC for the downpayment and initial repairs, how did you finance the rest of the deal?

Did you use a local OH bank?

Thanks.

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