Under contract! Took a ton of property analysis...but paralysis is no more!

[James Hamilton]

Fairly new around here, started educating myself on real estate back in October 2022 and found Bigger Pockets in November...what a blessing! Read a lot of the Bigger Pockets books, including the ones by Brandon Turner and David Greene. I feel that between the books, listening to the Real Estate Rookie and the OG podcasts, and analyzing several properties each week...i narrowed down my search criteria to fit my goals...and BAM! It happened. This was after several offers that either were not selected or I got in too late to the game. Patience and perserverance paid off. 

So here's what I've got...

Location: Belleville, IL

Property: 3/2 SFR ranch, built in 1956. In an excellent school district, probably a B or B- neighborhood, 20 minutes from Scott Air Force Base

Asking: $115K

Purchase: $97,500

Terms: 30-year fixed, 6.625%, 25% down

Will require a fresh coat of paint and some minor cosmetic updates, but nothing too serious. Hoping to rent out for $1200 and cash flow $350-$400. 

Now the real anxiety is starting to kick in! Like...what now? Have to order inspections and get this property ready! The hard work starts now. 

Anyway, just wanted to share my excitement and anxiety. Hoping this first property will be the springboard I need to reach financial freedom in 5 years! Lots of work ahead for sure. 

Thanks for reading. :) 

[James Hamilton]

Well everyone, after 3 months of rehab...I have leased my first rental property!

Actually leasing it for $1300/month after originally hoping for a $1200 rent, so the hard work has paid off so far. Below is a before/after of the kitchen, which is where we spent the biggest chunk of time/money on during the rehab. 

We used Zillow to advertise the rental and it worked like a charm! Dozens of inquiries and applications within the first few days, so I would highly recommend them to list your property. I read through Brandon Turner's "Managing Rental Properties" pretty much every step of the way, so I couldn't be more thankful for finding this community and all the resources on this site. What a blessing! And the podcasts! 

Anyway, now it's time to focus on property #2! Looking to do something similar...and it's time I start working with a CPA too! Thanks for reading all. 

James