I have discussed some of the details on my first project in other post, but I wanted to give an update on my first intentional investment property. A little background on me: I have always wanted to get into real estate investing since I was a teen. About 18 months ago I decided to fully commit to beginning my journey and quickly realized buy and hold would be my strategy. After dozens of offers that did not pan out, hundreds of deals analyzed, dozens of books, hundreds of podcast, investor meet ups, conversations, blogs, and countless hours of educating myself (including getting my Ohio RE license), I finally found a deal in my target area and it actually closed!!!

The deal:

I closed a few weeks ago on a duplex in Deer Park, Ohio, a suburb just outside of the east side Cincinnati, Ohio.

Purchase price: $89,000

Rehab Budget: $15,000 (probably will be $18,000 when completed)

ARV: 140,000+

Gross Monthly Rents: $850 for 2/1, $650 for 1/1. $1500 Total.

I pay for water and trash, should cash flow about $500 a month after expenses.

My strategy is to fully rehab both units, replace some damaged hardwood, refinish it all, upstairs bath and kitchen were totally gutted, and will be refinished and tiled. No carpet anywhere. Paint everything, and add decent fixtures to push rents to upper market.

I have already began marketing the property for rent, even with no interior photos yet I have had 25 or so people attempt to apply who are happy with the rents. My goal is to be fully renovated and rented by 4/1/17. We are about halfway through the rehab, I have a great GC doing most of the work and I am painting everything myself. (I could not justify paying a $1/sq ft for painting when I can do it myself rather easily, it would have added several thousands of dollars to my cost)

My long term goal is to do a cash out refinance in 24 months to pull out most of my capital and repeat the process.

My first Rental property!

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