My 1st Rental Deal
Hi fellow Investors,
I want to share my 1st rental deal with everyone. I'm by no mean want to brag about myself but i want to encourage new members, especially young members to take action as early as you can. Would you rather have a million in 401k or a million worth of investment housing that can create you passive income?
This is back in the day when the market is trying to recover and i have the luxury of pick and choose foreclosure with minimal competition.
This is in Houston Texas and i bought it for 74,200$ 20% down. Clean foreclosure house that can even pass appraisal and inspection for a 30 year mortgage. i painted some wall and they was able to rent it out for 1200$ to a nice family. my PITI was less than 600$ a month with a 4.99% 30 years mortgage.
The house now appreciate to more than 100,000$ after 3 years.
I believe that the earlier to start investing, the better. Write down all your excuse for not investing on a paper and burn it!
If a broke college student like me could do it, any one can.
Thank you!
Huy