My first rental closes tomorrow

[Ross Bernard]

Howdy all,

I am finally closing on my first investment property tomorrow. This post might be a bit premature for a "success" story, but I'm very confident that this is a good deal. It's a 4 bed/2 bath built in 2006. Inspection shows it needs very minor repairs. There is currently a long term (>3 yr) tenant who is on section 8. She is a single mom with 6 kids. Considering this, she keeps up the place very well. The Durham Housing Authority pays the entire rent amount of $1050. Purchase price is $94,500, PITI is $530. The house is located in South Durham which is seeing a lot of growth recently, and is only about 1 mile from my house. I want to thank the BP community for the incredible amount of help/knowledge you have supplied me. Hoping to purchase my second property within a few months.

[Rhondalette W.]

Congrats on your first property. I just read another post about how the landlord lost 3 years of cash flow due to A/C and Maintenance issues. So, make certain that you set aside money each month for CAP EX and maintenance. Six children may put lots of wear and tear so make sure you set money aside for it. Sounds like easy income from Housing Authority each month. Nice success story.