My First Real Estate Deal

[Chris Sullens]

So after much reading, I finally decided to take a shot at my first real estate investment; thanks in no small measure to all the wonderful information here at BiggerPockets. So here are the details:

Closed 5/11/17 

Finished Rehab Mid July

Placed a tenant Mid August

1,100 square foot  3 bed, 1.5 bath house, built in 1970, on a corner lot 1 block from a major university and health complex in Oklahoma City. 

Before Pics:

http://imgur.com/a/Zo8Ai

After Pics:

http://imgur.com/a/J46ka

Here are the numbers:

Purchase price: $55,000

Down Payment: $15,000

Monthly Mortgage (with taxes and insurance): $308

Closing costs/transactional fees: $3,600

Rehab costs (including appliances): $13,000

Monthly Rent: $975

So, I'm really happy with how it turned out, and I think I will be able to increase the rent next year too. Now it's time to start thinking about deal #2! Much thanks to everyone who helped me make this a reality, especially @RhettTullis and @ChrisLauhon and everyone at Integrity Oklahoma for helping guide me through the process.