First investment completed

[Bill Fallesen]

Hi everyone! My wife and I just closed on July 22nd and now have our first real estate investment! We purchased a duplex and triplex that sold for $159,500 with a commercial loan. After negotiating, the previous owner made repairs to bring 2 of the units to rent ready condition and credited $4,500 at closing. The other 3 units are rented at below market worth so will have to make increases in the rent amounts. Already we are getting inquiries from our listings. When we have these properties fully rented at proper market value, our cashflow will be $540 per month. One basement apartment can bring in more money once it is upgraded from a studio to a 2 bedroom by putting in egress windows. We are excited to be landlords and have been learning very much from the blogs, forums and webinars here on BiggerPockets. The education from this site is invaluable!