Updated about 6 years ago on . Most recent reply
My First Rental Deal
I purchased a out of state property. I live in Houston and purchased in Arkansas due to the great prices for real estate and the need for rentals there. I purchased this home at Auction and then looked around for a contractor to help me remodel the process was somewhat intimidating but I pushed through I ended up after purchasing 2 months to renovate put it on the market and within a week and a half I got it rented.
Purchase price was. $ 58 000
Contractor plus materials. $18 000
ARV $ 130 000
Rental income generated $1050.
Cash Purchase and Cash repair I own it free and clear. Not to implement the BRRR.
