1st and 2nd rental property within 3 months?!

[Joseph Shevy]

Hey everyone,

I'm still pretty new to BP, but have some potentially great news ahead, so I thought I'd share.

My fiance and I are just getting our feet wet on our Real Estate Investing, and landed our first 2-family rental on March 31st through an FHA loan. Now, under 3 months after closing on that one, we have a really great opportunity to get a second one through owners financing!

Because we have been saving as much as we can to invest, (as most 23 year olds dont..) we have a great opportunity in front of us that is ours for the taking. We hope to own 3 rental properties before our first year is out. Can't wait to see this property tomorrow! :)

Joe

[Joseph Shevy]

Originally posted by @Ariam K.:

That's awesome. What's more important is that you have someone to help you build and I don't think it's impossible to have 3 rental properties..

 Thank you everyone! Yes, my fiance and I are very much on the same page here, which is my best asset. And it definitely is not impossible to own 3 rentals by year end.. We save everything we can and are in close with the right people.. We have a family friend realtor who has been in the business for a very long time and has been helping us find deals.. (My first and this one). She has also suggested the possibility of owner financing one of her rentals to us with $0 down :) Very exciting!

And the numbers so far..

list price 99k, rents for 650 and 700, but one unit (rented for 700) is under valued by 100-150 because the owner now is renting to his niece? or something.. not a big deal. 

The owner has offered to do 95k, 7% down, 4.5% int, amortized over 30 years, balloon in 5yrs. I may offer less to make the numbers a little better. Been on the market for a while. 

Joe