Purchasing my first Rental

[David Orrick]

I found a listing on the MLS that struck my interest a little. With it being only 5 blocks from my place of residence, I decided to inquire. I looked but thought to myself I don't want to jump right in. I looked at another in a different town listed through the same place and it was what I thought was a deal, then someone came in and overbid and scooped it up. But they planned on living in it. I came back to the original property 5 blocks away and went over it thoroughly and realized its only 13 yrs old and is right at 1800sq. ft. It is a 3 bedroom 2 bath ranch. It currently needs 7-8k to be very nice. as its not real pretty right now inside but outside is very nice. It appraised for 90k just a year ago. I made a deal for 44k. I plan on renting it for $700.00/month. I want to pull the equity out as soon as possible for my next rental, as I already have some prospects. I am investing in Bonne Terre, MO. Anyone from this area feel free to get ahold of me, as I'm new i can still share my experience thus far.