First deal finally done!!!

[Marc Gallegos]

It seemed like forever but my first deal is finally in the books! Thank you Bigger Pockets community, the knowledge and wisdom is invaluable. 

The Deal:

Through an old contact, I located a SF home in a good neighborhood in my town and put in an offer. 

Negotiated an Owner Finance and closed escrow after 2 weeks.

Price: $72,500

Zillow Est: $111,000

Summary:

It was an absolute emotional roller coaster, navigating through all the small details that wont be a big deal next time around. Some of the details include a 975 sq ft craftsman with unfinished basement and dis-attached garage. Great original molding, trim and hardwood which was burried under nasty carpet. 

The first weekend after closing I was able to get those carpets out, clear the staples prepping for new flooring. Paint all walls and trim and do basic cleaning. 

Next Step:

I am still in college while my wife works full time and I play baseball so time is officially crunched. I have a renter lined up for an interim period before I graduate in May and will then have appropriate time to get the house in best condition.

-Interim renter will cover my mortgage for the 4-5 month period

-Market indicates after small renovations of bathroom and kitchen and floors I will get >$1000 monthly

I am very happy how it all worked out and I wanted to thank everyone on here. This site is awesome. 

Goals for 2015

-one more owner finance deal!

[Troy Fisher]

Originally posted by @Joyce Tavares:

Congratulations!  

You might want to check out rents in SF before you post it on Craigslist.  Sounds like your rent is way too low.

I like rentometer.com, which gives you an idea if your rents are high or low.  

Good luck!

 I think he meant (S)ingle (F)amily, not San Francisco!  He'd never get rid of a tenant for those prices in SF!