Finally! First Property of the Year!

[Ursula B.]

Greetings BP,

Thanks to the wealth of information you all have shared, I decided to pick back up on my real estate investment goals. I set an aggressive goal to acquire three properties this year and I just closed on #1 yesterday. REO from the MLS. Closing delayed by 30 days by the seller to clear title issue.

Original asking price -$39,900

Sale price -$23,000 - $1,500 commission = $21,500 net price

ARV -$35-39k

Will require about $7k to make rent ready

Rent - $650

HOA - $116 monthly (includes water, tenant pays other utilities)

Taxes- $1015 yearly

Insurance- $186 yearly

Warranty -$399 ($60 trade calls)

Property mgmt - $0 (self managed)

Cash deal so no mortgage. I'm actively looking for a business loan so I can rinse and repeat (I have 4 mortgaged properties already).

So BP, how did I do?

Ursula