First Buy & Hold properties

[Greg Martin]

After a long search, several strategy changes, and a lot of work, we found 3 units that we closed on the end of last week. It is a 2/1 SFR and a duplex on separate, adjacent parcels. 2 units are already occupied, with the 3rd unit needing minor repairs. We purchased the properties for $98.5k, plus 3k towards closing, and the properties appraised for $119k. Once the 3rd unit is rented, we should cash flow approximately $420/month after allowing for vacancy, repairs, and property management with the current rents, which are slightly below market.

Thanks to @Brandon Turner & @Joshua Dorkin for the BP podcast, which proved to be a valuable resource.  Also, Michael Quarles for all of the info that he shares freely with investors.  Last but not least, a big thanks to all of my local RE investor friends- Steve Scott, Ken Dojka, @Jay Kiehn, @Doug Merriott, and Jason Gaston.  I appreciate all of your help through this process, and I look forward to working together with you in the future!

If you have been looking for a property for a while, but haven't found the right deal yet- be patient, don't get discouraged, and just keep working on it.  You will find it, and it will be a great deal once you do!

Greg

[Greg Martin]

Thanks everyone!  

@Michael Wentzel I totally understand that feeling.  I did get discouraged about the whole thing a few times, and then other times, I felt like I should just buy something and make it work. Ultimately, I'm glad that I was patient, but it was hard. 

I'm sure with more experience, I'll look back and realize that a few of the deals I got outbid on would still have been good deals even at a higher price, but I'd rather be a bit conservative starting out.

I look forward to hearing about the success stories of others on here.  Thanks to BP for all of the help so far!