! I Popped My Cherry!

As the title states, "I popped my cherry!" I landed my first property after a few months of delays. My name is Gusty, I am 21 years old, and I am a newbie to this forum. I have 1.5 years left in school to get my finance degree with no college debt. I purchased this home for $185K in September of this year. The people that were foreclosed on put a stay of abeyance 29 days after the purchase. That was supposed to be for only one month, but you know how lawyers work it. November 1 the house officially became mine (along with an investor)!! YEA! The family, however, wanted to stay in their home and offered to pay rent for the winter. I was skeptical until the man of the house handed me a check for $10K!! And it cleared!! This included the month of October while my money was tied up as well as Nov, Dec, Jan, Feb. How awesome is this!! After the mortgage payments, I clear $600/month. I should rent this to him forever...but probably not. The guy will also let me show the home to potential buyers. The house is valued at $230K and I will let it go for $225K. For my first home, I think this is a goldmine!! Thanks in advance for any comments/advice that is given to a rookie in the REI world. Gusty[ Edited by Stav318is on Date 11/16/2004 ]