Just closed on Rental #2!

[Joseph Shevy]

Hi BP,

Just had the closing last night for my second rental property! The first one was through an FHA loan and I am currently living in it with my fiance, so we don't actually "see" cash flow with this property.. only rent savings. (Which is just as good in my books!) Our newly purchased 2-family is owner financed, and seemed like a great deal. The property was solid, the numbers worked out, owner financing enabled us to only have to put up $7k on the down payment, so we jumped on it!

All in all, My fiance and I started investing in buy-and-hold properties about 4 months ago, and already have on 2 properties on our hands! Now we will start to actually "see" some cash flow! In other news, we are getting married in less than a month, honeymoon the whole next week, then back at saving and looking for rental #3!

Thanks for reading!

Joe

[Joseph Shevy]

Originally posted by @Aaron Thivierge:

Joe, I LOVE it! nicely done... Please consider that realtor an ASSET to your business.  For her to be shopping around finding creative financing deals for you is not the standard.  Cherish this relationship as she seems to be working hard for you.  As mentioned, awesome job pulling the trigger on rental number 2. 

 Did you find it easier and less formidable once you all ready acquired number 1 to pull the trigger on the next one? 

Congrats on your REI success!

Aaron,Thank you! Yes, I do consider her a huge asset! She is a family friend and is working extremely hard to get me to the a position much like hers! I will also be working towards my real estate license in about a month and she has offered me to work under her brokerage. I honestly couldn't ask for a better Mentor, Realtor, friend, to help me get to where I want to be. 

This one was a little easier to pull the trigger on, just because we did already go through the process once.. The only nervousness i had going into this was the fact that we are paying for our wedding thats in Sept, and renovations to our first apt. So, money was a little tighter on this purchase, but it was a great deal and im glad we went through with it!

Joe