All Forum Posts by: Troy Cole

I did it! I finally made my first purchase and I did good.

Earlier this month I closed on my first property

3bdrm 1bath with a full unfinished basement in a desirable sub-division.

Numbers?

$72,000 Purchase Price

$5,500 Rehab costs

$77,500 All-In Cost

$110,000 ARV

$32,500 Profit (If I Sell)

$950-$1,000/mo (Rent)

Right now the contractor is finishing up, work should be done this weekend.

The house is my profile photo if anyone wants to see it.

Now that I've finally got past fear, being stuck in the "learning phase" and analysis paralysis and all that other stuff that holds us back when we are just getting started, I feel like a lot of doors are going to open up for me now that I have finally made a Purchase and gained some kind of experience. Im very excited to see what happens in the future!

I did it! I finally made my first purchase and I did good.

Earlier this month I closed on my first property

3bdrm 1bath with a full unfinished basement in a desirable sub-division.

Numbers?

$72,000 Purchase Price

$5,500 Rehab costs

$77,500 All-In Cost

$110,000 ARV

$32,500 Profit (If I Sell)

$950-$1,000/mo (Rent)

Right now the contractor is finishing up, work should be done this weekend.

The house is my profile photo if anyone wants to see it.

Now that I've finally got past fear, being stuck in the "learning phase" and analysis paralysis and all that other stuff that holds us back when we are just getting started, I feel like a lot of doors are going to open up for me now that I have finally made a Purchase and gained some kind of experience. Im very excited to see what happens in the future!

I did it! I finally made my first purchase and I did good.

Earlier this month I closed on my first property 

3bdrm 1bath with a full unfinished basement in a desirable sub-division.

Numbers?

$72,000    Purchase Price

$5,500      Rehab costs

$77,500    All-In Cost

$110,000 ARV

$32,500   Profit (If I Sell)

$950-$1,000/mo (Rent)

Right now the contractor is finishing up, work should be done this weekend.

The house is my profile photo if anyone wants to see it. 

Now that I've finally got past fear, being stuck in the "learning phase" and analysis paralysis and all that other stuff that holds us back when we are just getting started, I feel like a lot of doors are going to open up for me now that I have finally made a Purchase and gained some kind of experience. Im very excited to see what happens in the future!

thanks @Jason James

I will keep you in mind.

I'm looking for a Hard Money Lender.

I have some deals worth looking at that can make some money so contact me if interested.

Hello BP!

Just wanted to know if anyone in the Louisville, KY area knows of any private lenders. I've come across some good leads and could use a partner. Anyone interested give me a call.

Welcome to BP @Tara Harris

I have some of the same goals as you mentioned. 

I'm looking to get into my own home here soon and I think I'm gonna house-hack as a way to get started. Eventually I'd like to flip houses too.

I know a few people around town from networking at KREIA and I'd recommend it, its a good way to learn and meet new people to invest with.

Good Luck!

@Christopher Chunn

Welcome to BP. 

I think the links provided by @Linval T. are a great place to start.

Stay active on the site, join in on conversations and you will find many ppl to connect and invest with. good luck!

@Brent Paul@Sabrina Baldwin@Steve Vaughan

Thank You all for the advice. I'll let you know how it goes!

I have an owner occupant/ seller who is willing to carry a note on the property at $20,000. It's worth easily $40,000 fixed up though he pays taxes on $50,000. It needs about $5,000-$6,000 in rehab and will rent for $500/mo easily in the area. I feel like this is a good deal and probably will be my first one but I don't know about notes and how to write up the contract for those. I'm trying to get in touch with my lawyer now but it's the weekend so maybe by Monday I'll talk to him. I just want to know what would be a reasonable down payment and terms to offer him on these numbers? Somebody please help! Any and all advice is appreciated.