I Took The Leap...
Well I finally decided I was tired of sitting on the sidelines and placed my first offer for an investment property. I don't remeber it being this stressful when I bought my home. : )
I am having them put contingencies in the contract referring to validation of the income they disclosed that the property brings in, but if it all turns out to be on the up and up I am looking at 19.5 ROI the first year.
Besides reading the book "Who Moved My Cheese" I would like to thank everyone on this board for giving me the inspiration to take the leap.
Congrats! What type of property did you buy?
WEll I am hoping I bought it. I placed a few contingencies in the offe stipulating that I am able to validate the income and expenses stated from the listing I was shown.
The property is a rooming house wth 12 room rented out and 12 parking spots as well. I should be receving all the docs I requested this Monday which will seal the deal.
Good luck with the purchase, with type of prop as first investment just make sure you have realistic vacancy rates and have a plan on how to manage it. These types of properties usually have tenant problems and if not managed correctly have high vacancy rates.
TBARBER
Good luck! I hope this works for you. Keep us posted!