All Forum Posts by: Mike Rosso

@Paul Dillon thanks!

@Will Kirkendoll thanks! I decided to be extra conservative since this is my first property. 

@Erik Anderson thank you! Yes I agree too many people are negative about REI. Couldn't tell you how many people asked what I was going to do about the 2a.m. clogged toliet!

@Boyan Lalic thank you! I agree the numbers are pretty good I would describe the area as a solid C class neighborhood. I looked in areas around where I live, however I quickly found that price to rent ratios were much better closer to Cleveland. Best of luck investing in the US!

@Dennis L Lewis Jr thank you! I am renting both units out. In each unit the tenant has been there for over a year.

@Malachi Lindsey thanks!

@Jeremiah Ashe thank you! Yes it was a huge hurdle for me to overcome. I have always been on the conservative side when it comes to money management/investing. I used to contribute 15% of my paycheck to my 401k, now I do the minimum for company match and put the rest towards REI. Look forward to sharing more deals in the future!

@Patricia Mcpherron thank you!

@Lionel Li thanks! It really didn't need any work, and both units were already occupied at the time of purchase. It was a foreclosure a few years ago so most of the property had been updated. It actually had a new roof put on in April so that was an added bonus.

Hello BP! I just closed on my first buy and hold property and wanted to share my success with everyone! I never would have been able to do it without the help of the BP community!

I actually considered getting into REI over a year ago, however I was quickly talked out of it by friends and family. Then in the spring of 2017 I was referred to BP by a friend and I finally found the courage to jump in! This year I have read alot real estate books, listened to many of the podcasts, and done research in the forums.

I would like to give a special thanks to @Michael Swan for all of your advice and encouragement along the way. I purchased a duplex in Euclid, Ohio on December 12th from Swanny and here are the numbers.

Purchase price =$60,000

Rent =$1350

Mortgage = $233

Taxes=$217

Insurance=$69

Property management =$135

Vacancy=$108

Maintenance =$135

Capex=$108

Tenants are responsible for all utilities.

Total cash invested=$18,302 (25% down)

Monthly cash flow=$345

Annual cash flow =$4,140

COC =22.6%