I just closed on my first investment property

[Donald Lanzer]

I just closed on my first investment property. My story changed direction 1/4 of the way in. I saw this REO property on Zillow in December. It listed for $60k. It needs a lot of work. I negotiated a $47k purchase price. I figure it might need 80-100k in renovations. So, I'm a jeweler by profession. I soon realized that the property's location was a decent location where the town is starting to revitalize. I decided I will open my own jewelry store there. It has a casita in the back that I'm going to Air B and B. If I don't like that, I will just rent it. I still plan to purchase other investment property's in the future. I will use this property to take a home equity loan out on for further purchases. One last thing, I paid cash and the property taxes are $450 per year.