My First Deal

[Evan Manship]

After 6 months of reading, researching, discussing, and networking I have finally put my first SFH under contract. I am looking to close by the end of this month and hopefully begin marketing for tenants around March 1 after some repairs are completed.

The property is a 4 bedroom, 2 bath MLS property in Indianapolis. I am a broker in Indiana (though unregistered) so I used the listing agent to represent me. I am conventionally financing this property at a purchase price of $30,000 though I was in talks to have it seller financed. (Seller wanted $40k to hold note because he originally had the property listed for $70k in September)

I plan on leasing this property out for 2-3 years then attempting to flip if the time is right. There are two (3/2) properties adjacent to mine which have sold for $120k and $125k respectively.  This should render me with $30k-$40k of profit to 1031 into a new, bigger investment.

Look forward to see what the future holds.  Thanks BP!

[John Horner]

Congrats, that's awesome!  

Just IMHO, I would have paid more for seller finance.  Free's up your cash and credit for the next deal that may not be able to SF.