Hello BP Community,
I’ve been quietly observing and consuming content from BP for about 2 years now (I guess that’s lurking). I am finally pulling the trigger, and getting my first deal done I close tomorrow 11/15. So I figured, I'd get my first post done as well. A little about me, I am a newly minted Real Estate Investor from San Jose, California. I have a beautiful Wife and a 6-year-old son. I have a solid W2 career going and enjoy what I do. However, I want to provide security for my family long-term and attain Financial Freedom. That said, here are some details of my first deal:
- Location: Toledo OH
- Type: Duplex (2/1 @ 2)
- Purchase Price: $49,000
- Appraised Value: $62,000
- Current Gross Rent: $1065
- Market Rent: $1,250
- 1% Rule: 2.17%
- COC: 17.37%
- Financed w/ 25% Down
This is a long-term buy and hold. Our initial plan for the next couple of years is to get rents to market, and see what we can do with the water and heating bills.
Over the next few years, we will build out our buy and hold portfolio in the Toledo area. We are leaning toward focusing in on providing good solid housing for Section 8 and LMHA. I like duplexes. However, I'm seeing numbers that may indicate SFRs may work better in this market. We'll play that by ear.
Our Near Term Goals are Income Focused:
- 1st: $3,000/mo “passive” income
- 2nd: $7,000/mo “passive” income
- 3rd: We’ll see…
I absolutely want to thank BP, and the BP Community. I would not have accomplished the first steps without you all! Much appreciated! Oh yeah, I want to specifically thank @ Andrew Fidler for his knowledge and guidance. The man knows his business for sure.
Thanks Again,
Michael S.
