Hi BP Community!
First time RE Investor here! Excited to be sharing my deal here shortly and tapping into the wealth of knowledge I see floating around here in the forums. I just locked in on my first duplex for income! I am so excited to be putting all of this information I have learned from Bigger Pockets into action. I wanted to get all my info down on the forum and let you all play devils advect - WHAT AM I FORGETTING? WHAT SHOULD I QUESTION AND RESEARCH FURTHER? WHAT ARE UNEXPECTED THINGS YOU ALL HAVE SEEN THAT I MAY NOT BE ANTICIPATING?
Basically - I don’t know what I don’t know yet. This is my first deal and my first post on BP forums, so take it easy on me.... here I go!
Here’s a bit about me:
I am a 25 Year Old San Diegan that wears many hats. I have a full time corporate job with a Tech/Auto company of my dreams! I’ve been with the company about 6 years now and I’m diversifying my stock portfolio with Real Estate. I love my corporate job and hope to stay here as long as possible but am inevitably looking for my portfolio to support my life 100%! Outside of my 9-5 I am a Southern California Realtor with Keller Williams. I got involved in real estate to achieve my longtime dream of being a full time RE investor. After my first few months with my license and helping close friends buy their first homes and their first portfolio additions, I fell in love with helping others also achieve their dreams of property ownership and my realtor career took off quicker and bigger than I ever imagined. It is now my turn to be on the other side of the SOLD sign!
Here’s a bit about my first deal:
I am under contract and just locked in after some very clean property inspections on a Duplex out of state. The purchase price is $205k and I'll be bringing in just over $2,150 a month in rent from both units. I've analyzed the deal and would be happy to share my reports with anyone willing to network and discuss! I've luckily got insurance through USAA so my premium is part of what makes this deal work being that I plan on using a property management team at 5% of Gross Monthly Rents! The duplex is 1906 build with most everything having been renovated (particularly the structure bones, sewage, roof, exterior sidings) in 2018! This will let me pretty up the inside in order to Refi and pull for my next unit! I've got a great network established out of state that I can rely on (handyman, inspector, attorney, agent, and yard care) all on site out there! I have already built and established an LCC structure to enable easy growth of my portfolio in the state of investments. A bit overkill for 1 duplex.... I know.... but my plan is to build the portfolio quick! I am, of course, going to take my time with this first one to iron out all the operational kinks before getting too far over my head but am excited to be chasing this life dream! I factored in about ~30% for set asides (Vacancy, CapEx, Repairs/Maintenance etc) and I am still cash flowing close to $350/mo. I am financing pretty traditionally with 25% down conventional!
PLEASE - dump questions on me! What may I have missed, what was the worst experience you had so I can avoid in my journey, what kind of things can I additionally be doing from out of state to ensure the protection of my asset!??
ANYTHING HELPS AND I SO LOOK FORWARD TO CONNECTING WITH YOU DIRECTLY!
