Check out my First Deal

[Mario DeGrazia]

Below are the numbers on my first deal based yearly. The property is a duplex that needed a full rehab in both units to meet the area's rental rates. My company is made up of three equal partners that came together to put up all the cash for this deal. Moving forward we will be using investors and banks to acquire our properties.

Purchase Price: $105,000

Closing Cost: $623

Rehab: $57,000

ARV: $250,000

Rent Income: $24,600

Taxes: $4,343

Insurance: $1,748

Utilities(Paid by Landlord): $1,472

Capex(5%): $1,230

Vacancy(5%): $1,230

Maintenance(5%): $1,230

INCOME: $24,600

EXPENSES: $11,253

CASHFLOW: $13,347 

Feel pretty good with this property. We lucked out big time finding this deal considering the area its in. Also this property was packaged with the property next door that is also a duplex that we will be turning into a triplex. Once we complete the rehab I'll post those numbers as well. What do you guys think? Any advice going forward? I plan on billing back the utilities once the leases are up with the current tenants.