Brandon's 100 day challenge??? I did it in 81........

[Coco Zuniga]

March of this year I had a conversation with my Uncle that consisted of terms like "1030 exchange" and "gross rent" and other terms I had no clue what they meant.  He sent me a few podcasts from this website I had never heard of...Bigger Pockets???  I listened.  Then I listened some more.  Then the bug bit me and I couldn't itch fast enough.  I watched @Brandon Turner's webinar on April 6 and he challenged the viewers to buy their 1st/next property within the next 100 days.  I closed on my duplex on day 81.  

Here are the numbers......

Purchase price $300 k

Conventional mortgage 10% down with no PMI

vacancy 3% (vacancy is almost non-existent in this BYU town) $69

repairs 5% (I bought it fully remodeled) $115

cap ex 8% $184

other expenses $50 (internet I provide for my tenants)

gross monthly income $2300 ($1400 upstairs for a 3/1 and $900 down for a 2/1)

cash flow $274.39

cash on cash ROI 8.23%

The thing I did not add in is PM, because I will manage it myself.  But, from here on out every deal I analyze will have 9% PM included.  

"Some people want it to happen.  Some wish it would happen.  Others make it happen."  Michael Jordan

Coco 

[Coco Zuniga]

@Rick Pinney 1925.  I know that the plumbing has been redone (not positive of the extent of it), the roof is brand new, just replaced in April!  yes, I had an inspector.  When I got the report I was super overwhelmed lol -- I wasn't sure what to expect because it was my first one with a house that old... but I had the seller fix a few things, my electrician did a few things, the plumber fixed a few leaks, the house has a swamp cooler that I had to have looked at, and my dad and I did the rest!