1st Buy-N-Hold Deal Complete

[Andrew Schlessinger]

I just finished my first deal, a buy-and-hold in Baltimore City.  A mentor sent me the property in November 2014 for consideration.  After I inspected it and talked it over with a contractor (also a mentor), the numbers worked.  I was all in for the purchace and rehab for about $47K, with owner-financing of $20K.  After the rehab I paid a tenant placement company (also a mentor), and they found one in 3 days!  The S8 inspection took a while (4 weeks), but the tenant was in by May.

All-in-all out of pocket $48K.  The property appraised for $85K, I refi'd out to replenish the funds for my next deal, getting a check back for $38,500, after paying off the owner and closing costs.

The way I see it, I spent $13K ($9,500 + 8 months loan payments) for a rental making $500/month after expenses.  Not bad for my first deal.  I hope the next one goes just as well.

Thanks BP for educating me enough to jump with both feet.  And thank you to my mentors for making it all possible.

Now...ON TO THE NEXT DEAL!  Another rental or a flip?