Closed on My 1st (2nd) Property!!!

[Steve DellaPelle]

Today I closed on a 4-unit property which is my first "real" deal from start to finish!!! I have a property in SC that I inherited, fixed up, and rented out but today marks the day that I went through the entire 'research, analyze, offer, close' process and I'm beyond excited.

I wanted to give a big shoutout to everyone on the BP site who contributes on a daily basis because I could NOT have done it without you all! I'm looking forward to what this adventure has in store and I am motivated to make this a worth-while business opportunity which will lead to many, many more.

Thank you again, you're the real MVP's :) Keep doing you.

- Steve

[Steve DellaPelle]

@Spencer Scott

Purchase Price: $411,000

5% Down using FHA: ~$20,000

Estimated Rents: $4,550.00

PITI: ($2,760.00)

7% Vacancy + 7% Cap Ex + 7% Maintenance: ($955.00)

Est. Water/Sewage: ($200.00)

Total Expenses: ($3920.00)

Net: $630.50/month

Not a bad deal! However, I am planning on owner occupying and basically living rent free for a year or two.