My first property

[Braden J.]

My first property and first post. 

Just closed on a brick 4-plex ranch, two bedrooms each, fully rented with good tenants. 

Paid $115,000 with a 4.5% 30 year loan. 

Gross Schedule Income is $24,500 with rents currently below market and tenants pay all utilities. 

With healthy reserves set aside for maintenance, I'm projecting cash flow of over $13,000 per year. That leaves me with a project 16% cap rate and 60% COC (by asking the previous owner to bring a large chunk to closing)

That cashflow would allow me to pay off the property in 5 years flat, but I plan to roll those profits into downpayment for more properties just like it. My goal is to get to 20 units within the next 3-4 years, which should provide the start for a "early" retirement at age 30 ;) 

This blog and website has been a HUGE source for my inspiration. Thank you all for your contribution.