Change of Status

[Bob Hines]

Not to brag but hoping to inspire...I just changed the status of my profile to Real Estate Investor from Homeowner as I just closed on my first rental property last Wed. It was a foreclosure that the previous owners completely remodeled-new windows, carpet, kitchen and bath and then took the AC, fridge, above the stove microwave and copper water pipes with them when they left. Originally listed for $40k, dropped to $24k and got it for $18k. Spent $150 and 4 hours on new copper and a plumber to finish it off later this week, new AC, fridge and range hood (no way in hell am I going to let tenants use my microwave) paint to freshen it up and it should appraise between $50k-$60k and rent in the $550-$600/mo range. It was found by my agent on the MLS.

My goal now is to take on 2 rehabs that this property's gross rents will cover the holding costs each month and owning the rental free and clear with the profits from the rehabs.