Our first deal

[Mitchell Van Overloop]

Sorry I haven't posted about my first deal on here yet, but here goes. My wife and I initially bought a single family home and lived in it for the 1st year of our marriage. We then decided we needed to get into the RE game because we didn't want to continue paying a mortgage for the rest of our lives. Our first property was a duplex in a good school district in a nice neighborhood near a park. We bought it about $20k below market value at $135k. We then went to work renovating the main floor living, kitchen, and bath, along with painting the bedrooms in the side we were living in.

After a year and a half, the other side moved out and we moved in and are just finishing up with the reno of that side.

When we took over the property rents were $650 and $775. Since then, the side that was getting $650 is now at $950 and the side we are currently living in and fixing up will get $975 which is around market value.

Our original investment was a FHA loan with 5% down which was around $8k. We then invested around $6k to renovate both sides with all new tile and higher end vinyl planking that is completely waterproof. The ONLY reason we were able to renovate for $6k is because I am formerly a painter and was able to repaint everything and learned how to tile and install the flooring along the way.

We also recently refinanced. Our mortgage payment is $1050 per month and the property is now valued at $190k! Cannot wait to move onto the next deal!!