First deal closed this week

[Will Rector]

I am excited to say I closed on my first property this week in Dalton Georgia. I am 21 years old and currently going to college, I purchased a 4/2 single-family home for $155k with a 30 yr conventional loan and the appraisal came back at $184k, I plan on house hacking and renting 3 of the bedrooms out for 400 each to other college students with a monthly mortgage of $1100. The house needs a bit of work but I'm ready to get started on this long journey. I would like to thank everyone on this website for the knowledge I have found here and both the bigger pockets and the rookie podcast that got me introduced to this world and the mindset of being an investor!

[Andrew Freed]

@Will Rector - That is fantastic, great work starting so young! I'm seeing, in your area, you can get as much as $550 with utilities included or around $450 without utilities. I would do a little more market research on rents and see what makes sense. For instance, if the colleges and universities near you are charging $750 for room and board at the dorms per month, you may have some room to bump the rent. You could even put up flyers at these colleges to specifically target these individuals and could price it a few hundreds dollars less and still be well above the $400 you budgeted. With your PITI being $1,100, after capex and repairs, the numbers a little tight so I would try to rent it for more of a buffer than $100 bucks above the PITI if possible. If not, you're still way better off than renting an apartment. I love the initiative and drive at your age, you are well on your journey to financial independence.

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