Acquired Property & Tenant within a Month

[Brian Adzadi]

Hello BP Family,

I would like to first thank God, my wife second and the BP family third for helping me on my journey to financial freedom. I have been watching the BP podcasts on Youtube since mid-2016 and signed up to the website to be getting the member blogs (amazing stuff). I know you all want to know how it went down and here it goes:

We were looking in the Allentown-Bethlehem-Easton PA market for multi-families. We were getting more misses than hits. The hits we did get, we put an offer on it and would get out-bid. So my wife suggested we look in to single families. We found some decent houses, but none that stood out (I am not a handy person, so I wanted something turnkey).

We finally found one that looked really attractive, here are the following features: 4bd/1bth, ceiling fans in each room, French door that leads from the living room to a small deck outside, parking for up to 3 cars, washer & dryer, clean basement. The only con was the area, its located in the downtown Allentown area (for you Allentown investors, you know what I mean). We closed on the house on September 8th and our tenant signed a lease on September 29th.

Here are the #'s:

Original purchase price: $74,900       Final Purchase Price: $71,500   Down Payment: 25%=$17,875   Seller Assist: $1,745 

Mortgage term & interest: 30yr @ 4.875%        Insurance: $888   Total Money for Closing: About $22,300  TMI: $455  Rent: $1,125

Water & Trash: Covered by landlord, So we will put $100  aside each month to pay every quarter   Total Cashflow:  $570

So, that's it in a nutshell, tell me if your boy did good.

[Sylvia B.]

Originally posted by @Account Closed:

@Sara K. The landlord should take care of the lawn and don't burden the tenants with a landlord responsibly.

 Baloney! That's one of the advantages of owning SFRs, the landlord doesn't have to provide lawn care or snow/ice removal.