All Forum Posts by: Kendall Short

$950, could’ve probably squeezed out another $50 or so, but that’s a lesson learned for the next one. 

Thanks, Matt. It was a long time coming. A year or two of listening to all BP and BP money podcasts, reading their books, and watching other REI pages on YT, the right opportunity came along.

This was all my cash. Saved up bartending for a year and that funded the down payment, closing, and most of the rehab. 

I actually used a conventional loan. 20% down with the option to refinance at 6 months. Forgot to mention that the interest rate dropped from 6.125 to 4.5 which is awesome! 

Starting to really explore hard money. There's a lender around here that will lend 70% ARV which could also be 100% of the rehab of it's the right deal.

Awesome, man! Are you around this area or doing long distance investing? 

Hey Matt, this is Kansas City, KS. 

Hi all, 

I have finally completed my first Real Estate deal. I had been saving up and looking for a deal for the past year or so, and this one just kind've fell in my lap as it's two doors down from where I currently live. 

Let's get right into it. Purchase Price was $68,000

Specs: 2bd, 1ba, 864 sq. Ranch, basement/garage, large back yard. 

Down Payment: 13,600

Closing Costs: 2,700

Rehab Costs: 26,000

Holding Costs: 4,800

Luckily, my aunt lived next door and closed on the sale of her house at 118,000 a few days after I closed on this property, so that was the estimated ARV.

My lender allows for a refinance after 6 months of ownership, and I've had it for 7. 

The appraisal just came in two days ago, and it appraised at $118,500

I will end up getting $38,000 back from my cash-out refi after all lender fees, and cash flow $250/mo on a completely renovated home with (hopefully) little maintenance. Without counting holding costs, I've got $4,300 of my own cash left in the deal, with $23,700 in equity currently in the deal after the refi. 

I'm happy, but never content. First deal definitely isn't a homerun, but singles will do for now. Onto the next one!

Photos in the comments if I figure out how to insert them. 

Michael Lee, thank you for all of the options that you've presented me. I will look into them tonight and tomorrow. 

Thank you all!

Hey Mike, I haven't even thought about that. Great idea, and this is why I love BP. I will look into that more right now!

Yes, it’s a debt to income issue. I bring in about $4000/mo and the payments are $1933. They said they would count 75% of the rent as income, but that still is not enough. I will be contacting local banks and credit unions tomorrow.