My first step into the world of real estate investing

[Isaac Swan]

Its official I got my Four-plex! After about a year of searching, what started as a dream of simply buying my first house and making the smart choice turned into my love for real estate investing. As of last month i officially closed on my first place. I started this blog to get feedback, advice, and to invite you all to go on this journey with me. So here it:

Property location: Phoenix, AZ

Price: $254,000

Financing: FHA Primary. 3.5% percent down, and i got the seller to pay all closing costs

Breakdown: 4 total units, all 2 bedroom 1 bath units coming in at around 850 Sq ft.

Advertised: Rent Roll: 700 per unit, 2800 total, plus supposedly 200 per month from the coin operated washer and dryer

Actual after 1st months rent collection: Rent Roll: 2725, 40 dollars from washer and dryers.

Property Good's and Bad's so far:

Good:

• Brand new roof
• Newish ac and heating
• Tile Throughout
• Large paved parking lot (kinda of good and bad since it has not been upkept in the last 15 years)
• Long front driveway (for privacy)
• Large backyards for every unit
• Huge front yard.

Bad:

• Zero upkeep has been down
  • Pavements is cracked and has 2 large potholes
  • No parking spaces placed so tenants are parking wherever they want including the front yard
  • Most appliances are not working properly
  • Large leak under neath one units kitchen sink (possibility of mold)
  • No landscaping done at all in front or back (overgrown weeds, mismatching gravel etc)

Here is where we stand! All input, tips, tricks, advice would be greatly appreciated.

Let the adventure begin!