My first rehab turned cash flow GOLD!

[Nick Versetto]

I want to first thank everybody on this forum that helped me get through some of the learning curves that I had to deal with to finally close my first deal. 

A Month ago I picked up a property that was in foreclosure for $95,000. I use a hard money lender thatcwould fund 100% of my purchase price and 100% of my rehab cost. I had budgeted $20,000 for repairs within ARV of 165,000. During the process we definitely had some curveballs but was able to keep my rehab cost under $20,000 and the house turned out wonderfully.

 Once I close on the property I listed it for rent for $1600. I collected numerous applications, met with potential renters, and finally found the best renter for the property.  I was able to  to get a rent amount of $1650 and a tenant the plans on staying in the home at least three years because they don't want to move their three children. 

I recently submitted my application to refinance the property out of the hard money lender and it should close sometime this month. After the property is refinanced my PITI will be $940 netting me $710 a month and cash flow from this one property.

 I've watched and seen other people do this every day, but drug my feet till I found this site and a great mentor that I lean on a ton.   I'd really like to mention his name but don't think he'd appreciate the bombardment of private messages. LOL. 

 I'm currently working deals on two properties that I'm trying to wrap up and put under contract hopefully by early next week.  If I can land both of these properties diesel again be some really good cash flowing opportunities and one more step closer to getting out of the rat race. 

 I hope this post motivates someone the same way that I was motivated and gives someone the extra push like it gave me.