My First Investment Property!

[Alexander Flores]

I have been wanting to write a post about my first property for a while but have been waiting until I refinanced on the property. The home is a 900 sqft bungalow that has two bedrooms and one full bath. When I bought the home it was abandoned for over five years and mainly just a skeleton of it's old self.

Here is a brief summary: 

• Closed on April 29th 2016 at a purchase price of $72,500.
• Repairs took me until July 6th due to a plumber who showed up whenever he wanted.
• Tenant moved in July 7th and has been awesome up until now.
• Cash Out Refinance should close next week.

Here are the brief numbers: 

• Purchase Price $72,500
• Cash at Close: $18,000
• HML: $88,000
• Estimated Repairs $21,000
• Actual Repairs: $25,000
• Rent Payment: $1450
• HML Payment + Taxes and Insurance: $1350
• Mortgage + Taxes and Insurance after Refi: $1010
• Refi Amount: $105,000

So after the refinance I should get all of my money back that I put into the property. The $88,000 loan plus my $18,000 due at closing. I know some will be lost to closing costs on the new loan but almost perfect if you ask me. The appraised value of the home as of a month ago was $150,000! Everything has been great. During the process I also bought my second investment property which I have rehabbed and moved into with roommates for the time being. 

I also created a website that has more detailed posts about the entire process, real estate investing and some DIY projects.

Without everything I have read on here over the past two years none of this would have been possible. I thank everyone on here for giving me the knowledge and desire to pursue REI. Onto the next deal! Any questions just let me know!