Signed our 1st tenant

[Kevin Nichols]

On Dec. 1, we closed on our 1st property...a duplex, where one of the tenants had moved out Nov. 30, poor timing for the PM to do a walk through and dealing with security deposits, etc.

We ended up pulling out all the carpet and since we are self managing, let go of the PM.

We've been working on adding laminate floors, general clean up and have been to the unit about 4x to work.  In those 4x, we've had 10 people ask us when it would be available.

I bought a set of washer/dryer units for $200 on craigslist (Newish units) and we'll be finished this weekend doing it all.  

We ended up going up $70 more per month....$545 for the vacant unit. We screened the new tenants last week and signed the lease this weekend...in 19 days.

The existing tenants are very nice and even planted grass in their 1/2 of the yard....straight down the middle!  :)  

The Numbers:

Duplex price:  $53,000
Down payment: $13,250
Income: $1020/month
Expenses:
$3500 mortgage
$1035 taxes
$500 insurance
$1100 maintenance
$1200 capX

29% COC

So far, so good.  The deals are few and far between and it seems like every time one comes along, somebody is hold cash and ready to pounce.