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Updated over 4 years ago, 03/07/2020

User Stats

431
Posts
139
Votes
Cory Lucas
Pro Member
  • Rental Property Investor
  • Brighton, IL
139
Votes |
431
Posts

I guess it’s real now!

Cory Lucas
Pro Member
  • Rental Property Investor
  • Brighton, IL
Posted

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
  • User Stats

    41
    Posts
    30
    Votes
    Ryan Freet
    • New to Real Estate
    • Columbus, OH
    30
    Votes |
    41
    Posts
    Ryan Freet
    • New to Real Estate
    • Columbus, OH
    Replied

    How did it go? What were the numbers if you don't mind my asking? Where did you find the deal?

    User Stats

    62
    Posts
    27
    Votes
    Paul Wachtler
    • Investor
    • Atlanta, GA
    27
    Votes |
    62
    Posts
    Paul Wachtler
    • Investor
    • Atlanta, GA
    Replied

    Congrats Cory!  Now that you have your first property, what's next?  Are you planning to stick with multifamily homes?  

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    Account Closed
    • Wholesaler
    • NYC and Louisiana
    2
    Votes |
    8
    Posts
    Account Closed
    • Wholesaler
    • NYC and Louisiana
    Replied

    Congrats on your first deal!

    User Stats

    24
    Posts
    21
    Votes
    Shanell Law
    • Real Estate Agent
    • Los Angeles, CA
    21
    Votes |
    24
    Posts
    Shanell Law
    • Real Estate Agent
    • Los Angeles, CA
    Replied

    @Cory Lucas making the first mortgage payment always brings relief. Congrats on your purchase and securing a tenant quickly.

    User Stats

    431
    Posts
    139
    Votes
    Cory Lucas
    Pro Member
    • Rental Property Investor
    • Brighton, IL
    139
    Votes |
    431
    Posts
    Cory Lucas
    Pro Member
    • Rental Property Investor
    • Brighton, IL
    Replied

    @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

  • Cory Lucas
  • User Stats

    431
    Posts
    139
    Votes
    Cory Lucas
    Pro Member
    • Rental Property Investor
    • Brighton, IL
    139
    Votes |
    431
    Posts
    Cory Lucas
    Pro Member
    • Rental Property Investor
    • Brighton, IL
    Replied

    @Paul Wachtler thanks! I'd love to stick to multi, but I'm not opposed to SFH. Next on the plans is a fixer upper as my local bank has a construction loan program available to investors, purchase price plus rehab costs, once done with the rehab it rolls into a conventional loan. Pretty sweet, essentially nothing out of pocket if you play it right. However next up on the plan is selling our truck and camper to free up money in the budget. Know anybody lookin? It's a pretty sweet setup

  • Cory Lucas
  • User Stats

    41
    Posts
    30
    Votes
    Ryan Freet
    • New to Real Estate
    • Columbus, OH
    30
    Votes |
    41
    Posts
    Ryan Freet
    • New to Real Estate
    • Columbus, OH
    Replied

    Thats awesome! So are you planning to self manage or are you hiring a PM? Is there any opportunity for forced appreciation?

    User Stats

    431
    Posts
    139
    Votes
    Cory Lucas
    Pro Member
    • Rental Property Investor
    • Brighton, IL
    139
    Votes |
    431
    Posts
    Cory Lucas
    Pro Member
    • Rental Property Investor
    • Brighton, IL
    Replied

    @Ryan Freet I’ll be managing it myself to start out! Once I get rid of the truck and camper and start acquiring more properties I could definitely see the necessity for a property manager.

    There’s not much in terms of forced appreciation, unless I somehow turn the downstairs area into bedrooms. There is a downstairs area that has garage doors, although it really doesn’t serve as a garage. They have the washer and dryer in there at the moment. It’s just a small duplex, one bed, one bath on each side

  • Cory Lucas