First deal (Philadelphia)

[Jon Potter]

Hi BP, I haven't been on here much, but I've been listening to all of the podcasts and thought I'd share an in-process success story (knock on wood). In December, I closed on my first single family investment property. It was a short sale that I had under contract starting in June. I paid $55,000 for it, and with all closing and expected repair costs the total investment will come to $70,000. I am working with an awesome wife and husband / property manager and contractor team. Repairs will wrap up in two weeks, and we just found a tenant to start February 1st at $1,100 / month. I'm planning to buy and hold, and I'm not expecting much appreciation. I'm feeling good about my first purchase! Fingers crossed!