Newbie under contract for HUD SFH, now what?

[AJ Romero]

Hey there!

My husband and I just went under contract on a nice little SF HUD home in a good area that we plan to clean up and rent on a long-term basis. This is our first "intended" RE investment purchase and I'm not sure what to do now.

Here are the details - it's a 5bd 3ba ranch style home with a full basement and 1-car garage. The purchase price for the house was 85k (cash purchase) and we can realistically expect 1100 - 1200/mo in rent. I know it's not the 2% rule, but the projected numbers for the financing we expect to get definitely make it better than the nightmare of our "accidental investments". While under contract I know there isn't much we can do with actual improvements to the property so I am curious about what procedures experienced investors follow now to maximize productivity and minimize cost?

Thanks!!