I DID IT!

[Amanda Hoening]

I pulled the trigger.  I closed on my first house last week.  Used a smalltown bank to finance.  

The home cost 31,900.  VERY motivated seller, had originally listed it at 49,000.

I don't have the figures in front of me, but I had to bring about $4500 to the closing table.  I am financed at 5.5% on a 10 year loan.   Puts my payment just under $300.00 per month, and I have to pay the annual taxes and insurance which add up to about 1800 on my own.  

Sure a 30 year loan would of been ideal, but it's a smaller amount of money.  Also, I will have it paid of quicker with the 10 year loan!  I was just happy to get financing, starting out as an investor everyone knows how difficult that it can be.  Plus even if the place sits empty, I can swing $300.00 without any issue, even for an extended period.  

The home will rent for $685.00 once I get it ready.  All it needs is mopped, windows cleaned, and appliances. The home has new paint, new carpet, could use new cabinets at some point, and all new windows.    Fridge is delivered tomorrow, so I will start showings Wednesday! 

I am a single mother of two, and I am very proud of myself for getting this done :)   my goal is to give my kids the best future that I can <3  thanks for all of the podcasts, and everyone that posts on here.  I read and learn so much every day!   I look forward to my next deal, which will probably be early next year!  

[Robert Leonard]

Way to go @Amanda Hoening !

I'm going to say it again, because it can't be overemphasized, screen, screen, screen.  I hear so many people seem to boast about how fast they get a property rented and I think that's the biggest mistake to follow that thinking.  You've done well to put yourself in a position where you're not in need of that tenant to make your payment. 

Be selective and get a high quality tenant!  That will prevent the vast majority of what most people call the "headaches" of landlording!