Offer and Contract

After submitting several offers on different property, my offer was accepted for $95K. I initially offered $65K for a property that needs rehab and was on the market for over 6 months. After speaking with the agent it was clear the Seller was motivated. I initially did not think this was a good investment, because I'm investing out of town and it would be difficult to manage the rehab work. Fortunately, I recently had a leak in my bathroom and hired a great contractor. This allowed to experience first hand some rehab work on my own apartment, delegate the work, and come to the realization that I love rehabbing and could get great value from the property.

My estimate for the rehab is about $30K, and that's on the higher end.

I'm waiting for the contract to be signed, so I could coordinate the inspection, have my contractor come with me to look at the property, file the mortgage paperwork, form an LLC and operating agreement, and then close on the property. I may also need to find a tenant, so I'm planning for that as well. Trying to cover all my bases and plan in advance.

Excited to close on my first real estate deal, even though there's plenty of work to be performed! Looking forward to learning a ton in this deal and finding the next one!