Knoxville Tennessee SFR

[Nolan Wildfire]

My first post on BP...

My name is Nolan and I live in the Oakwood/Lincoln Park neighborhood in North Knoxville.  My goal for this thread is twofold.  First, I'm hoping to meet some other investors in the area that I can connect with.  Second, I want to run some numbers by you all and get your thoughts.  

First Purchase:

Purchased a SFR in my neighborhood a few months ago

2 bedroom/1 bath

Purchase Price: $60,000

25% down plus closing costs etc ($18,000)

Repairs (paint and other cosmetic fixes) $1,000

Rented immediately for $825

Mortgage $375

How did I do?  

Second Purchase: 

Purchased a SFR in my neighborhood last week

3 bedroom/1bath

Purchase Price: $60,000

25% down plus closing costs etc ($19,000)

Repairs (new windows, paint, and other cosmetic fixes) $4,000

Will rent for $900

Mortgage $350

How did I do?

Would really love a second set of eyes.  

[Tae C.]

@Nolan Wildfire,

Both are strong properties, congrats!  Couple thoughts. With the little bit of rehab done to each, were you able to build in any/enough equity to do a cash-out refi after seasoning to get some of that cash back out?  Also, regarding your numbers - does your mortgage number as written include insurance and taxes as well?  And you may want to consider adding 10% for property management, even if you’re self managing currently...that way you will be more than ready if down the road you did ever want to hand it off to a PM.