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Updated over 7 years ago on . Most recent reply
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1st investment property
Hello, my name is Brayan, I'm 19 years old, and I just bought my first property. I purchased a 1 bedroom house that has been totally overhauled. The inside is basically new. New shingles and siding as well. It has an oversized back yard. The list price was 63,000 and I purchased it for 60,000 plus the owner had to install a central air system. My plans for this property is to live in it for a few years, then convert it into a rental. I work for a property management company and I asked my boss what this house would rent for and she said 650-600/month easily. My mortgage, property tax, and insurance costs for the home are $450/month combined. I want some opinions on the deal I made. Do you think it was a good first deal and what can I do better for next time?