Newbie with Property Under Contract

[Kenyatta Donley]

Hi...I am a fairly new member to the community but have been following the podcasts for a bit. I just wanted to take a second to share that I got my first property under contract. I am based in Philadelphia area and purchased a property in Baltimore. It was through an auction site that is managing a good volume of properties in that area. I took a last minute shot not expecting to win and well...I did. Baltimore is super hot right now and slowly gentrifying like many urban cities. So I am excited. The transaction and communication has been super smooth and we close next month. 

So right now I am just lining up my next steps. I have reached out to get insurance coverage while I rehab and also just reached out to get an inspector into the property to give me a full report of the condition and any concerns. Then from there I hope to start working on a scope of work and find me a good contractor to begin rehab. That's it! 

That's my story. I just wanted to contribute something to the community and hopefully encourage someone who is sitting on the sidelines. I was stuck in analysis paralysis most newbies and one night I just said screw it and submitted a bid. I will say the week before I had also put in an offer to a wholesaler which was pretty aggressive and I didnt expect to be accepted. The point is I made a decision to start taking some at bats and the Universe rewarded me. 

I am still working through my numbers and plans but will keep the community updated!

[Kenyatta Donley]

Originally posted by @Account Closed:

Congratulations on the new purchase. I’m currently purchasing my first rental in the city as well. 

 Congratulations. I am just got off the phone with a local inspector. So hope to get my inspection done tomorrow and then we will be rolling! Let's keep connected.