Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 6 years ago on . Most recent reply

User Stats

37
Posts
16
Votes
Austin Fox
  • Architect
  • Fort Lauderdale, FL
16
Votes |
37
Posts

First Deal Done - How to leverage it for the next deal?

Austin Fox
  • Architect
  • Fort Lauderdale, FL
Posted

Hello BP,

I have closed on my first property and would like to thank you all for the wise words of wisdom this community provides. My question is how can I leverage myself to use this deal for future deals. Now before you continue reading I will add a bit of background below so you can understand why I selected a townhouse or you can scroll down to the deal/pictures.

Background

I am 25, an architect and located in South Florida. I moved out went to college, moved back home with parents and started saving money.The market here is....unique.It's very hard to find a duplex to house hack in an area where your car wont get stolen. I was originally looking for duplexes to house hack. Almost closed on a nice looking duplex(literally 2 weeks from closing) until the plumbing and structural inspections killed the deal. Everything on the outside looked good and yeah I learned its not always what it seems. My goal is to be financially free by 30 and I wish to use this investment as a foundation for the following deals.

The Deal

2 Bedroom 2.5 Bath Townhouse in A GREAT NEIGHBORHOOD(Like for real, they're opening a Starbucks down the corner and a town center development is in the works with restaurants/bars/stores)

Purchase: 225k Bought with FHA 3.5% down.

Interest 4.15%

HOA: $240

Total Cost: 12k including closing costs

Monthly Payment including EVERYTHING: $1649, roommate moving in will pay 750/mo

*To some this may seem incredibly high or some may say its very cheap, again I am located in South Florida Fort Lauderdale so please keep that in mind*

Rehab: I have 15k leftover for remodeling. I plan to replace flooring, repaint and possibly new kitchen. See picture below

The Question

This is my first investment and I would like for it to be the foundation for my following deals. For those who have started and gone down the path, what advice do you have a for a young investor like me looking to eventually reach financial freedom. Thank you.

Most Popular Reply

User Stats

37
Posts
16
Votes
Austin Fox
  • Architect
  • Fort Lauderdale, FL
16
Votes |
37
Posts
Austin Fox
  • Architect
  • Fort Lauderdale, FL
Replied

@Brian Ellis

That's what I figured and I know it won't happen overnight which is why I asked the question now. I'm trying to do my best now to put myself in a good position for next year and so on. Thank you for your time! 

Loading replies...