First deal. Need advice

[Branden Newman]

Hello BP.  I've been on here learning for about a year now, and finally have my first deal within reach.  I've analysed countless properties and was afraid of never actually pulling the trigger on my first deal so I started making offers on the best SFHs I could find in my area and now have a house under contract.

I'm coming to the forums today to see what you think of my first deal and if I'm crazy for starting to have second thoughts and feeling like I should back out.  

3 bed, 2 bath 1156 sq/ft for $67,500

20% down on a 30yr loan at 5% = $290/month

property taxes - $1700/yr

assuming insurance is $1300/yr

$4500 on repairs

Monthly rent could be around $850

I appreciate any advice.

Thanks!

Branden

[Steve Marshall]

Brandan,  

As someone who is nearly 20 years beyond you in the military, I think you should pull the trigger (whether it's this one or something else)   I had a lot o thoughts like that when I was 22 and never did it.  I don't believe in regrets, but I certainly think my financial situation would be better had a purchased a couple rentals in my early 20s.  Your military lifestyle an steady W-2 will be an asset if you use it wisely.  

Seems like you're on the right track.

Steve