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Closed on my 1st Investment!
Investment Info
PP- 53k
Closing – 3k
Repairs/Rent-Ready updates: 5k
Additional Holding Cost (Rental and lead inspection, home inspection, etc.) – 1k
All in Costs – 62k Cash
What made you interested in investing in this type of deal?
My goal was to purchase a buy and hold for passive income. After running the numbers and approving of the block, the deal made sense.
How did you find the deal and negotiate?
This was an off-market deal that was sent out via a mass email blast. I opened the email at 2am, scheduled to see it at 4pm and made the offer at 4:15pm.
How did you add value?
The property was nearly turnkey. I made minor repairs based on feedback received from the home inspection and cosmetics updates (repair roof over porch, replace carpet, new paint, new blinds, and update appliances)
What was the outcome?
I have hired a management company to handle placing a tenant and the day-to-day operations. Rental comps in the area will garner $1300 – $1500. I will be putting a HELOC on the property and pulling out 75% of my funds to use as another cash buy for my second property in March.
Congratulations!
Congrats🎉
It’s good to be apart of a group that let you know when properties are up 💪🏾
@Dominique B. congratulations on your first great investment! I am new and want to start investing similar with cash payments in RTP area. I have seen lot of investors mentioning about wholesale deals. How does one become part of such group to get emails from the wholesalers?
@Dominique B. Thank you for the nice breakdown on your strategy. Great job.
>> 8. CF from H1 and H2 plus personal surplus income is fired at the paying off 51k aggressively and quickly.
This is quite the understatement! Paying of a $51k HELOC in 6 months equates to a $8500 monthly payment. Wow, that's aggressive!
I've had success using retirement funds for my 1st 2 deals, but now I'm looking to either leverage a HELOC on property#1 or use a hard money lender. Can you share the local bank you used for the investment property HELOC?
Originally posted by @Stephen Predmore:@Dominique B. Thank you for the nice breakdown on your strategy. Great job.
>> 8. CF from H1 and H2 plus personal surplus income is fired at the paying off 51k aggressively and quickly.
This is quite the understatement! Paying of a $51k HELOC in 6 months equates to a $8500 monthly payment. Wow, that's aggressive!I've had success using retirement funds for my 1st 2 deals, but now I'm looking to either leverage a HELOC on property#1 or use a hard money lender. Can you share the local bank you used for the investment property HELOC?
Yes, very aggressive lol. It's a short term sacrifice in order to hit my goals and allow me to retire without being leveraged on multiple properties. Fulton Bank is who I went through but if your properties are held in your personal name then you'll have more options with other banks. Good luck!
@Dominique B.
Hey if I may ask, what company did you get to do your inspection. I’ve put a contract on my first rental in Baltimore buying it as-is with the right to inspect. I want to make sure I get a thorough inspection as well and am looking for referrals. Thanks in advance for your help.
@Benjamin Farmer sure, I used Property Inspection Pros.
Should’ve asked this the last time. Do you have the name of your inspector so I can possibly request them personally.
@Dominique B. excellent!! Thank you for the feedback.
@JJ Higginson
Way to go house hacking.. what are your plans for your next rental... any specific method your using..BRRR, for example?