First property under contract

[Andrew Cowles]

BP,

I just got my first property under contract today at 21 years old.

It’s a turnkey property (could use minor updates that can add some value) that was cheap in my market because it’s not in a great neighborhood but the neighborhood seems to be trending upward because of local renovation rebates. A lot of the homes in the neighborhood are being flipped.

I bought it with 0% down and the mortgage will still be very low. I have to owner occupy it for a year which is perfect because I will be getting out of the military then and moving to Florida to invest full time. It will become an out of state rental for me when I leave. 

Cash flow should be around $200-$300 dollars depending on what rents will be a year from now. I’m very excited to finally be an investor instead of just an aspiring investor.

The biggest thing is just taking small actions consistently. I didn’t think I would be buying a property this early in my life but I just took small action like finding an investor friendly agent and getting pre approved. Small steps like that get addicting and you just keep figuring out what your next move is. If you are new and aspiring to invest just take one small step forward and you will never look back. 

Thanks everybody for all you help!

Drew