Just Closed on my Second Property! In Durham North Carolina

[Keith N.]

Well, I actually closed on it on Friday.  But I've been moving stuff all weekend.

New House Info:

A neighborhood

Durham, NC 27703 in a large community with pool, tennis, etc.

3/2, 1400 square feet, 2 car garage

Numbers

Purchase Price: 155K (2K in seller credits)

Total Cash to Close $10,200

Initial Repair Costs: $3000

Total Monthly Payment: $993

Projected Rent: $1400/month

Cash Flow per Month (After Maint. + Vac.): $200?

I will be living in this new house for a year, and then I plan on buying another one again.  The house is turnkey but I plan on putting about $3,000 into it to put it in pristine condition and attempt to get rents up as high as possible.

My first property I purchased was a Duplex that I purchased in North Raleigh a year ago.  I house-hacked for a year, and now moved out and have both sides fully rented out.  

Duplex Info:

B- Neighborhood

Raleigh, NC 27615

Numbers

Purchase Price 180K 

Total Cash to Close: $6000

Initial Repair Costs: $6000

Total Rent: $1870

Total Monthly Payment: $1143

Cash Flow per Month (After Maint + Vac): $487?

I plan on exploring more avenues as to how I can acquire properties FASTER!  It seems like picking up 1 a year and using a low down payment is pretty simple, however moving every single year can become a pain.  Hopefully I will have enough cash in the near future to start putting 20% down on places.  If it weren't for having an extremely boring job once upon a time, and listening to podcasts all day at work, I would certainly not own two properties right now!  Pretty much every real estate deal/decision I've made has been based on things I've learned on BP, or people that I've met... On BP!  Shout out to @Michael Jobe for being for being my real estate broker.

[Uriah D.]

Hey Keith Nelson congrats! Must feel pretty good to get another one under your belt. Keep up the good work and don't stop buying just because you hate moving. Work on that day job salary and start rolling that rent money into the next 20% down.