My first deal...excited and thankful! (late Thanksgiving post)

[Aaron Bard]

Happy Late Thanksgiving everybody!

I've got some exciting updates on finding my first deal and the progress so far.

I'll post with some more precise information after closing (this week!) but for now, here's a rundown of my last 30 days with this deal.

So, I went and toured this property with zero intention of even putting an offer in. The deal wasn't in my desired area (It is actually in a better, higher populated area) but I wanted to take a look because after all, it was in my price range.

I toured the property with my realtor, and immediately knew that this was perfect for my first deal. An older 3-Unit multifamily in incredible condition, with below-market rents, available value-add opportunities, and an incredibly motivated seller.

I put in an offer with, what I thought, was a ridiculous amount of contingencies. I was absolutely stoked when, after touring the property again, the seller accepted my offer.

In addition to this, the appraisal on the property came back just about a week ago, and the value was decently higher than the purchase price, giving me a fair amount of instant equity.

With the closing day coming up shortly this week, I am incredibly excited. There is a lot of work to do ahead, but nothing that I am unwilling to take on.

Here's a little insight on the condition of the property:

The two rented units are in great condition and require very little work. One of them however, will be vacant at closing, and I will be freshening up the paint and making a few cosmetic updates.

The unit that I will be living in and house-hacking, requires quite a bit more work. This unit in particular was vacant at the time of showing and had been for some time. I'll be doing some cosmetic work, of course. But also some more invasive things like new flooring and ripping out carpets and drop ceiling.

Besides these things, among my list of projects are: 

Improving insulation, building a small personal workshop, and framing out and creating a fourth (efficiency) unit in the building.

I am extremely excited for this new adventure and am beyond ready for the challenges to come. I will try to keep the forums updated as best I can on any news and progress. I appreciate anybody reading this far.

Thank you for any kind words, advice, and support!