Closed on #1

[Evan Manship]

It's official - I own real estate. I closed on my first property today and couldn't be more excited. It's a weird high that I compared to hitting on roulette. My property is a single-family residence in a C neighborhood in Indianapolis that I will be managing myself. This property was financed conventionally (30/30) through MB Financial.

Purchase Price - $29,000

Additional Maintenance - $2,000

Total Investment - $31,000

Rent - $700

Less Vacancy (10%) - $70

Effective Gross Income - $630

Less Reserves (10%) $63

Less PITI - $265

Cash Flow - $302/month

Thanks to everyone who helped along the way. I want this to be my life and I am not looking back. There is always a way!

[Shawn Holsapple]

Good job!

Now, go and buy 10 more this year!