We are closing on our first investment property on Monday!

RichsBride Posted: Jan 03, 2004 08:32 PM

We are closing on our first investment property on Monday!

not really sure if this fits into the home board but its a modest little house in west palm beach! I'm so psyched!

Lisa Rose Posted: Jan 03, 2004 08:33 PM

Re: We are closing on our first investment property on Monday!

Very cool!!!

Congratulations!!

jennbaby Posted: Jan 03, 2004 09:01 PM

Re: We are closing on our first investment property on Monday!

Thats awesome Kelly! Congrats and all the best of luck with it!

Marcela1654 Posted: Jan 03, 2004 09:14 PM

Re: We are closing on our first investment property on Monday!

Congrats!

michele31 Posted: Jan 03, 2004 10:41 PM

Re: We are closing on our first investment property on Monday!

That is great new!! Post some photos.

june262004 Posted: Jan 07, 2004 02:36 AM

Re: We are closing on our first investment property on Monday!

Thats awesome. My parents have a condo in West plam beach!

Cira Posted: Jan 07, 2004 09:35 AM

Re: We are closing on our first investment property on Monday!

That's awesome Kelly. Congrats!

Teri Posted: Jan 07, 2004 09:36 AM

Re: We are closing on our first investment property on Monday!

congrats! Are you going to be renting it out? If so, will you have a property manager locally to help out? I always thought that was a great idea but figured paying the manager would eat away from the profits too much....

ILT1221 Posted: Jan 07, 2004 10:33 AM

Re: We are closing on our first investment property on Monday!

Sounds wonderful! Congrats!

Kate Posted: Jan 07, 2004 11:13 AM

Re: We are closing on our first investment property on Monday!

Teri, to touch on your question....

My parents have a Condo in Jupiter, FL and they rent it out as often as possible. Short term rentals, ie- 1 month-6months. mostly people that want a place to stay if the come down to golf or for people to rent while building a home. anyway, the realtor that sold it to them is actually the property mgr and takes a small commission. Its really not all that much considering she find the tentants, and remains the renters contact when something needs to be repaired, lets repair men in when no one is there, etc. So for rental to cover the taxes, maintenance, and everyday expenses and still get a nice piece of profit, it works for them.

PS- congrats Kelly!

Teri Posted: Jan 07, 2004 11:17 AM

Re: We are closing on our first investment property on Monday!

Thanks for the info Kate!

RichsBride Posted: Jan 07, 2004 09:37 PM

Re: We are closing on our first investment property on Monday!

Thanks guys!!!
It is going to be a rental, its in a family neighborhood, nothing fancy.
This is the only pic I have @ the moment

We also have a closing date in two weeks for this little beauty-needs some work, but Rich said its adorable inside

As for the property management situation-we are in the process of developing a corporation down there & my BIL will run the management end for us(he lives there)
For those of you that know West Palm they are of Haverhill, near MilitaryTrail

Teri Posted: Jan 07, 2004 10:21 PM

Re: We are closing on our first investment property on Monday!

that's great that you'll have family down there to manage things.

Good luck with the house(s!)!!!

ss2002 Posted: Jan 08, 2004 08:55 AM

Re: We are closing on our first investment property on Monday!

Congrats! What a great opportunity!!

We'd love to be in position to be able to buy/reno/manage investment property...

ChristineC68 Posted: Jan 08, 2004 10:54 AM

Re: We are closing on our first investment property on Monday!

Congratulations!!!

Good luck with your new business venture

Samanthas Mom Posted: Jan 08, 2004 11:09 AM

Re: We are closing on our first investment property on Monday!

awesome! where in west palm beach is it? boca? DH loves west palm beach

mv1003 Posted: Jan 08, 2004 06:48 PM

Re: We are closing on our first investment property on Monday!

Sounds awesome! Congrats! I just started looking here for property for investment purposes, I hear it's a great investment & you can't go wrong! Good luck!!!

MarcellaBella Posted: Jan 09, 2004 08:51 AM

Re: We are closing on our first investment property on Monday!

Congratulations!!

My aunt owns 3 houses down there (she also lives down there) and says you can't go wrong.. I'd love to get into that as well..

I wish you much success!!!