First Rental Property Deal Done!

[Maurice Blackledge]

Hey BP,

It has been a bit of a process and has taken me a year to the day my 1-year old twins were born but I am excited to share that I have closed, and fully rented out my first deal! I found a duplex before it hit the market from an older gentleman that was looking to get out of real estate. It has been a long process full of ups and downs including having another offer accepted earlier in the year, only for it to fall through days before closing. However, through sticking with it and trusting the process (and numbers) I was able to secure a deal. For those of you who have yet to take the first step, I encourage you to keep pushing but don’t force it, the right deal will come, just be ready to jump on the opportunity when presented!

Deal Numbers:

List Price: $75,000

Purchase Price: $64,000 (no work needed)

Down Payment: $16,000 (25%)

Gross Rent/Month: $1,410

Expenses (including: vacancy, cap ex , repairs & mgmt. fee): $1,047

I could not have found and closed on this deal without the help of the awesome BP community! Thanks, everyone who imparted knowledge, wisdom or just an idea along the way as you have helped me to take my first step in my real estate investment ambitions. On to the next deal!

Cheers,

Maurice

[Maurice Blackledge]

@Shawn Wetwertwertwre Definitely. The real estate agent that I work with knew the selling agent because they are from the same company. The seller was motivated because of his age, he was done with the idea of being a landlord. I was able to give him an offer before the house hit the MLS because the selling agent worked at the same company as my agent. Honestly, it was a mixture of preparation (ability to close on my end), luck (the seller being motivated to sell his duplex for under market value) and the quick ability to act. When I first heard of the deal, I ran my numbers and had submitted an offer to him within about 4 hours. I don't expect to find all my deals this way, but I also made certain that I would be prepared if any deal came up that was worth pursuing. In the end, I think building relationships with people is a big part of success. As people start to understand your goals, you never know what kind of "luck" or opportunity it can open up, you just have to be able to respond. Great question!