First Property Up and Running - FINALLY a REAL Investor!

[Aaron Mikottis]

Hi everyone - I have finally hit a major milestone and I wanted to share it with this community. Over one year and three failed contracts later, I have finally purchased an investment property, fixed it up, and rented it out. 

Full album here. I had an uploading issue this morning with the upstairs unit but I will add the photos to flickr later tonight.

The numbers:

Property Type: Two-flat in a quiet neighborhood on the west side of Joliet, IL. Elementary school across the street!

Purchase Price: $20,000 Cash (It was an REO)

Repairs: $4,500 (consisting of windows, minor plumbing, and cosmetic issues)

Rent: 2/1: $700/mo. 1/1: $650/mo

Getting ready for property #2!

[Aaron Mikottis]

@JD Martin - nope, $24,500 was all in. None of the major systems are due for replacement in the immediate future. Definitely lucked out because the list price was $60k. Long story, but the short version is that I hit a snag with my financing and the bank really wanted to get this off their books. They came back to me with a cash price and I accepted. (cash price was about the same as the down payment I was expecting...!)

@Chris T. - thank you! I am definitely looking to cash it out for at least one more property, hoping to get enough for two down payments.