First Time Rental Property--Thoughts Please!

[Clay Manship]

Hi All-

Been following BP for quite some time now, and you all have been exceedingly helpful in my careful plan to jump into my longtime aspirations of being a real estate investor.

I am a 23 year old recent college graduate, sitting in my first professional job, and recently agreed to a purchase agreement for a 3 BR residential home for $25,000. Already completely rehabbed, painted, turnkey property, and even already rented out at $650/mo until June 2014.

Due to it being my first time, I am currently struggling with financing. I have explored the avenues of private money/partners, but am more comfortable starting out with a standard mortgage. However, I have been told by some larger institutions that they do not lend under the $30,000 mark, which makes my financing plan difficult.

So, I want to hear from the BP community: 1) What do you think about my deal, and 2) how would you go about financing it? Any and all thoughts are welcome. Glad to become a part of such an intelligent and like-minded real estate junkies like myself.

[Clay Manship]

FINALLY CLOSED TODAY!

Couldn't be happier. $24K purchase price, 30 year fixed at 5% lending. Monthly rent of $650, cash flow of $220, and a cash on cash of 30%.

Excited to be moving forward. Even more excited to add more rentals to the portfolio. THANKS TO THE BP FAMILY FOR YOUR HELP!!!