New out of state investor from NY doing his first deal soon!

[Joseph Andrews]

Hello BP Community,

I am just starting out in the real estate world and I have been studying day / night  for the past 8-10 months reading the BP books, podcasts etc. I decided to take my first plunge right into the deep end into a 6 unit apartment building in PA. It is fully rented, and I did a full thorough walk through of each apartment, only needing slightly cosmetic touch ups. In the basement there is rooms available to rent as storage units as I am thinking about doing for additional income. Anyways, talk about going right into the deep end head first. I probably would not get approved for conventional lending right now so I struck a deal with my first property with owner financing. The terms are in the picture below. I am not going to lie, without the help of the podcasts and books I probably would not have built up the courage to go forward with making this deal happen since it is out of state, but when you feel prepared and knowledgeable anything is possible. ( Big thanks to David Greene for this !! ) 

It is a shame the NY market is so high otherwise I would of looked to invest in my backyard per say. I keep striving to learn and continuously run deal analysis to help better prepare me for my second deal. This community is truly invaluable to me and I cant thank ya'll enough for this wealth of knowledge I am constantly learning everyday. I will attach the numbers to my first deal and any feed back would be highly appreciated. Also, if anyone knows of a good property manager directly south of Wilkes Barre, PA region (property is 30 min south) that would be highly appreciated!

You guys are the best,

Joseph