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.