First Deal Closed in Westchester

[Brian Bassano]

Just closed my first deal! Four-family house in Westchester, cash flowing around $1500/month. Thank you BP community for the continued motivation.

[Brian Bassano]

Rough deal figures -

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Purchase Price: $980,000

Down Payment: $196,000 (20%)

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Rental Income: $7,950/mo

Parking Income: $450/mo

Total Income: $8,400/mo

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P&I: $3,975/mo (4.5%)

Taxes & Insurance: $1,500/mo

R&M + Utilities: $1,000/mo

Reserves: $400/mo

Total Expenses: $6,875/mo

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Est. Cash Flow: $1,525/mo

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Not a home run, but a great start! Glad to start building a track record without losing money.

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Notes:

1) I am self-managing for now.

2) I plan on raising rents after renovations are complete (est. within 6 months).