Bluffton, SC · Member since 2018 · 63 posts · 205 votes
Well, I am pleased to say that I finally got my first property in Columbus GA renovated and rented. I purchased the property on auction dot com for $25700. Renovations costed $12,000.
I am all in for $37,700.
On December 31st I signed a 12-month lease with my new tenants for $1050 a month. Can you say super excited! Now I am trying to decide whether I should refinance and take the cash out or just keep it going and save up the cash to repeat the process in another year or so. I purchased and renovated using my savings so I don't have a mortgage on the property.
Rental Property Investor · Cape Coral, FL · Member since 2015 · 206 posts · 83 votes
7y
@Karam A Tascoe congratulations and nice job!
Regarding portfolio lenders...you shouldn't need one. US Bank will lend under 50 in the Georgia area, just talked to them last week. There should be others too. I've found a handful of others in the markets I'm investing in. Max out your 10 mortgages before you go portfolio, unless you decide to go 5+ units.
Regarding your choice not to BRRRR, I respect the cash only path, however you mention that you're interested in partnerships. While every partnership can lend different benefits, that's exactly what a lender is. The major benefit of a lender is that they are a cash partner with little control over the investment.
I'm assuming you're using a management company? Obviously time will tell but I'd love to hear how they work out. I've looked at the Columbus market a little (have some family down there).
Yorkton, Saskatchewan · Member since 2016 · 53 posts · 26 votes
7y
Man you nailed that first deal. Well done. I own a rental in Warner Robins GA that is cash flowing about $275 a month but it is mortgaged so it will be quite some time before I see a big boost in that area. I would like to connect with you and perhaps discuss the potential for more deals.
Investor · Detroit, MI · Member since 2015 · 36 posts · 14 votes
7y
@Karam A Tascoe
Great numbers, thanks for sharing. I like owning free and clear as well at the lower end properties.
Remember you have forced appreciation and that will increase over time.
Best wishes
clear as well
Rental Property Investor · Member since 2018 · 4 posts · 3 votes
7y
@Karam A Tascoe
Huge congrats on to you on your knockout deal!! Thanks for sending your positivity through the BP community aswell. I am an eager and new investor who loves to hear these kinds of things. I am currently in the process and set to close on my first house hack at the end of this month. I would like to get into my first rehab rental this summer much like you have done. You may be hearing from me as I love any and all information. Thank you and congrats again!!
@Karam A Tascoe I’m so inspired by your success. I’m hoping to find new deals this year. And would love to partner when I’m ready in long distance real estate investing.
Regarding portfolio lenders...you shouldn't need one. US Bank will lend under 50 in the Georgia area, just talked to them last week. There should be others too. I've found a handful of others in the markets I'm investing in. Max out your 10 mortgages before you go portfolio, unless you decide to go 5+ units.
Regarding your choice not to BRRRR, I respect the cash only path, however you mention that you're interested in partnerships. While every partnership can lend different benefits, that's exactly what a lender is. The major benefit of a lender is that they are a cash partner with little control over the investment.
I'm assuming you're using a management company? Obviously time will tell but I'd love to hear how they work out. I've looked at the Columbus market a little (have some family down there).
Chris, thanks for that detailed response. I am not using a property management company. This is my first completed property. Im not sure what they can do that I cant do myself. I like engaging with people and tenant do scare me so its no problem for me to interview, mangae and evict if necessary. Once I get to 10 properties I might consider a management company but right now its easily done. I am going to reconsider the BRRRR strategy in April if the economy is still stong, Actually, I think a HELOC is the better option but who knows. Its good to have options. Im truly grateful for all the responses and support.
Little Rock, AR · Member since 2017 · 2 posts · 2 votes
7y
@Karam A Tascoe that’s so amazing. I purchased my first income property back in November from Auction.com and plan to start renovations this month. Congrats!!!
@Karam A Tascoe that’s so amazing. I purchased my first income property back in November from Auction.com and plan to start renovations this month. Congrats!!!