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. :)