First Deal and Renovation Project Complete!

[Dwight Simpson]

So this was my first experience in owning a home, renovations, leasing, evicting etc. Lol I literally got hit with everything on my first project but I can say I learned a lot. I would like to thank @Matthew Irish-Jones for being the spark to the fire of getting this journey started for me.

So May 2018 I was able to secure a FHA loan at 3.5% down for a home up to 150k. Once I got the news I took full advantage of it and made sure I got the right realtor to work with that has experience in analyzing properties. Thats when I met Matt on BP and we viewed numerous properties in a span of 4-5 months. Finally found a property that worked out for what I want to do.(Buy and Hold) The upper was renovated already and the lower had a tenant in it. They were only getting 650 a month and it needed some big updates to get it cash flowing where I wanted. So I close on the house and first month comes the lower tenant doesn't pay rent. So I start researching eviction process on BP lol. Started doing notices following local law and luckily it was a quick eviction. They were out by the end of the month. Started renovations immediately with a friend and it was just too much with my work schedule. Hired a contractor to come in and do the work. I ended up getting a great deal on labor. 5 Months later we are all done !

THE NUMBERS

Purchase Price- 135,999

Down Payment- 11,208

Lower Renovation Cost (Supplies,Appl,Labor) - 8,955

Upper Rent - 1150

Lower Rent - 1250

Mortgage Payment (Prop Tax & Homeowners Insurance) - 890.30

UPPER PICS

https://imgur.com/a/bpkXmWL

LOWER AFTER EVICTION

https://imgur.com/a/yos4Si3

LOWER AFTER RENOVATIONS

https://imgur.com/a/69OFrAa

I've learned so much after this going into my next deal. But needless to say I completed my first buy and rehab at the age of 20. It was overwhelming at times but we got it done! Also please give me some feedback on my numbers.