Investor · Bradenton, FL · Member since 2015 · 51 posts · 5 votes
In one week I'll be closing on my 2nd and 3rd properties. I just wanted to say thank you BP for providing information/confidence to move forward getting my own properties. Ill post the numbers below!
-Both duplexes are side by side.
-Each unit in both duplex is renting out for 900/month
-My wife and I plan to live in 1 unit for a year and repeat the process
-New everything in 2012 (windows, roof, doors, AC units, water heats, showers, kitchens).
-165k Purchase price - 3.5 percent down - 3.75 rate - PITI (with mortgage insurance) 1100/monthly payment - Seller contributing 5k towards buyer closing costs.
-163k Purchase price - 25 percent down - 4.625 rate - PITI 880/monthly payment - Seller contributing 3k towards buyer closing costs.
-Total PITI = roughly 2k
Gross rents = 3600/month
Total cash invested = Roughly 53k
Thank you again to everyone on BP who help others on their investing journey.
Miami Lakes, FL · Member since 2015 · 133 posts · 83 votes
9y
Nice job! I would very much like to do the "house hack" on a duplex or tri as well, but I'm having a very hard time finding anything located in any areas where I would feel comfortable leaving my wife and kids home alone while I'm off turning JetA into noise.
Investor · Bradenton, FL · Member since 2015 · 51 posts · 5 votes
9y
Thanks Ken! This is technically my second house hack. We live in the Bradenton/ Sarasota area of FL. It can be hard to find decent mf properties that aren't on the water here too. It took us over 8 months to land these! Just gotta keep trucking along !
Investor · Bradenton, FL · Member since 2015 · 51 posts · 5 votes
9y
Same lender. Its pretty typical, I talked to several different lenders ( to see where I could get the best rate ) and all of them stated they could do both loans.