first investment

[Mark Cohen]

Hi everyone, 

I have been reading on this site for around 1 month now and its an incredible place to learn and connect.  I am a student without employment history but I was fortunate to inherit around $80000 from my grandfather.  I did a lot of learning and decided to put my capital to work and purchased a condo for 38000 (after small amount of work  + closing + attorney/llc fees came out to 44000) I am renting this out for 935 a month. There is hoa of 310 a month (but I dont have to do so much maintenance) and taxes are around 1600 a year. It should have a cap rate of around 12%.

I am looking to do another such deal which will hopefully get my income started and I can eventually invest through a mortgage.

any feedback on my first deal and if my plan to repeat with remaining cash is a good one is greatly appreciated.

good luck to all out there and happy thanksgiving

[Kyle H.]

@Mark Cohen.  It sounds like your first investment was a good one, especial since maintenance/capex funding is minimal.  My recommendation would be to use your remaining amount of money to buy as many properties as you can.  If you can split it into 2 or 3 purchases, then you can leverage more portfolio.  Another great option, especially at your age, would be to be a duplex, triplex, or quad.  You can live in one of the units "rent free", which will allow you to save up capital quickly for your reserve accounts and additional property.  What are your options for the remaining cash?