#DealDeepDive I bought this property Nov2015 at 24yo in what was considered the hood for $42k (appraised @ $60k.) Put $12k down & got a $30k mortgage from a private investor. I had purchased property before but this was my 1st purchase w/o a partner. 
The $30k mortgage was a 10% interest only deal. She (private investor) made $250 every month ($9k over 3yrs) as my mortgage payment. I got a tenant paying $1,100 for rent. So after taxes/insurance made about $700 addt’l #PassiveIncome every month
After 3yrs of owning the property it was time to pay her back her $30k investment. Did a cash out refinance w/ a bank. Property appreciated to $115k in 3yrs. The bank gave me $90k cash (available equity) and I used that money to repay her and had $60k left to reinvest! ✊🏾
So not only was I able to keep the property & $700 income. I was able to get a new mortgage $500/month and $60k to invest into another property to create more passive income! The power of #RealEstate
Fun Facts: I bought the house before actually seeing it in person. I lived in NYC & the 🏡 was in FL. Had my father manage it because the 2 property mgmt companies i called didn’t service that neighborHOOD 🤷🏾♂️. I still have the same tenant til this day
Every deal won’t be like this. There are other deals out there like this. Don’t be afraid to invest out of state. Google different property mgmt companies in the city. Don’t get emotionally attached to RE. And always listen to the numbers, they really don’t lie
