2 years after discovering this site i finally have my first deal

[Kyle McNeil]

After two years of BP homework I'm very happy, relieved even, to have acquired my first buy and hold single family residential home in McKinney, tx. I picked it up from a dallas area wholesaler, networth realty, who was great to work with.  It's basiaclly a turnkey buy and hold because no repairs are required and there are 4.5 years left of lease left with a current tenant.  The monthly numbers aren't great, right at 1% rent to purchase price, but I did gain 40k in equity at close, paying 130 cash with a 170arv.  The area has been appreciating rapidly as well so hopefull we'll see values over 200 within next 5 years. And, the tenant is a handyman who has already begun improving the property by refinishing the cabinets and building a nice deck. All in all it works for me.   Now I plan to do a cash out refi and get busy buyin another property or two.  

Happy investing!

Kyle McNeil

[David Holland]

Congrats on your first deal @Kyle McNeil. Make sure you account for all the costs such as cap ex, repairs, vacancy. The BP rental calculator has really helped me evaluate deals.