I guess it’s real now!

[Cory Lucas]

Wahoo! Closed on a duplex on Monday and just cashed my first rent check, exciting stuff! Thanks to everyone that has been kind enough to reply to my posts and answer my questions. Deal #1, check!!!

Love the BiggerPockets community

[Cory Lucas]

@Ryan Freet it went really well in my opinion. The seller was actually my realtor that I’ve been working with. I was playing Santa at Christmas time and was just thanking him with a gift, he ended up taking me out to lunch that day and offered me his duplex. I was shocked, but I think it’s all gonna work out pretty well

Numbers, no I don’t mind you asking. I gave $55,000 for it, which I may have been able to get the price down to say $50k, but the help he provided me with not only on the deal but with real estate in general and hopefully will continue to do so to me is well worth the extra $5k. Helped me with the down payment, so we only had to put out 10%, he recommended multiple people for different items I needed (like a sewer scope) which saved me money along the way, has offered his handyman if I need an emergent repair, and put in a new furnace on one side. So I feel I did ok in not negotiating that down on this one

It currently rents for $400 and I plan to get them to $450 no later than September. Keeping the current tenants on a month to month til then. Taxes are a bit high at $1,681, but I’m currently in the process of hopefully bringing that number down for this current year. Only big items that will need fixed in the future is a water heater and the roof (but it has at least 10 more years on it).

Lemme know if you have any other questions! Love chatting real estate, even more fun when it’s my own property!!! Pretty cool