Closed On My First Rental (BRRRR)

[Tiffany S.]

Thought I'd share my first real success story. I've been dabbling in other peoples' projects since last July. I also have been reading and researching everything I could get my hands on. I began looking for my first rental property in January and I finally found something. Just about everything had been updated within the last few years.  Asking price was 55K, Purchase Price 40,207, and closing a bit under 2K. Needs less than 10K in repairs (doing most of them myself). 

I met a lot of people on Bigger Pockets that helped me along the way. Whether it was their services (Shout out to @Amberle Farthing) or just advice (shout out to @Neil Goradia). Can't wait for the last 2 R's! Will update accordingly. 

[Patti Robertson]

I'd suggest you consider insulating before adding central air. A house built in 1895 that is 1900

SF and heated with baseboard heat is going to cost a fortune to heat unless someone along the way has insulated it. That's not likely if it still has baseboard heat. You won't have any trouble renting it, even with window units, but you won't be able to keep a tenant because they won't be able to afford the electric bill. The problem with window units is you need so many  for a house that size and somehow they seem to run off and need replacing every few years. If it were my house I would add the central heat and air now, but only with the benefit of insulation. Personally I avoid the 100 year old houses. Way too much work. More power to you!!!

Be careful over there. I own one not far from yours on Anderson and my house was shot up  last year because my sweet tenant was interviewed in the news and made kind comments about the young teen boy who was shot and killed on the street. We always sure we are out of the neighborhood by 3pm. 

People always ask why folks want to live in these neighborhoods. It's generally single parents who need help with childcare and need to live near extended family. They move to the neighborhood where mom, grandma, auntie live so they will have help with the kids because on a low income they can't afford the cost of daycare. 

What are you projecting for rent?