closed on first house today!

[Mike Landry]

first SFR but second rental property. I found the house after mailing about 450 yellow letters.

House 1800 sq ft 3\2 built in 2005, brick hardy plank, tiled, rent ready with a tenant month to month. Needs a few small repairs less than $1000 total.  My calculated Arv 130,000 appraised at $129,000. 

Owner just wanted to sell for what he owed... He actually paid 316 at closing. I purchases for $108,000 plus all closing costs.  He gave me time to finance too.  20% down 4.625 fixed 30year. 

Market rent is $1300 but current tenant is only paying $1100 until may. 

piti $750

Will start off with a $350 per month cash flow and hopefully closer to $500 when we get the next tenant in. 

Just thought I'd share. We are ready for the next house...hopefully more of a rehab project next time.