Finally got my first deal going... Take a look

[Byron Scott]

I finally got a deal! I'm in the process of completing my first deal. It is a duplex. I'm doing a fha 203k loan. I'm going to live in one side and rent the other out. I want to get some thoughts from others. Purchase price is 63k. In rehab I want to stay below 80k. I'm turning a duplex with 2/1 and 1/1 into two 2 bed 1 and 1/2 baths. They are popular in my area and rent for 800-900. I am a newbie and need as much correction as possible. I put my numbers below. Let me know what you all think. Thanks!

180 for outdoor/maint. is for repairs and capx

I know refi is suppose to be a year or 6 months but I'm going to try as quick as I can. Don't know if a down payment is require. Thanks for any feedback.

[John Murphy]

@Byron Scott congrats on your first deal!

Two quick comments:

1) Your projections show two incomes of $800/mo but you say you will be living in one unit? That would only give you $800/mo for the unit you are not living in for income.

2) You have "management fees" in your expenses. Are you planning to 3rd party manage or manage yourself? I would recommend self managing since it is only one unit and would be a great way to get your feet wet in the business!

Best of luck!