New Houston Member and My First Deal

[David Light]

Hello Bigger Pockets!

I'm a new member from Richmond, TX. I've been lurking around the forums for awhile just soaking up the content. Thanks for all the helpful information.

I've purchased my first single family rental in Abilene, TX. Below are some of the deal details and a before/after pic of the kitchen. It's rented now and we just collected our first rent check. I couldn't be more excited to start our real estate future.

Purchase Price: 115K (estimated value of 135K after repairs - short sale)

Down Payment: 25%

Loan: 86,250 (private money) 20yr note 500 payment

Closing Costs: roughly 800

Repair Expenses: 5,100

Monthly Rent: 1,300

Property Taxes: 2,800

Insurance: 900

With all of that I project we'll have some positive cash flow and pretty good initial equity due to the purchase price. Thanks for all the helpful info and let me know what you think.