My first multi family buy and hold/house hack strategy

[Ricky Williams]

so for the past five months i set out on the hunt for a foreclosure but it had to be a multi because the plan is to stay independent with no mortgage was the only way for me to succeed at trying to make it i want to own and manage all my own properties i don't want to sell anything buy and hold i strongly believe passive income is the best way to build capitol and build wealth to grow  sooooo finally after these long hard stressful five months were i was only able to find only 5 house that could work and that i could afford for my situation that i was looking for and losing bidding wars to people with more money than me and everytime the bank said submit your best and final and my realtor calling me and telling me you didn't get it .... i was deeply discouraged that the reality was i didn't have enough money to land a bargain because affordable cash deal was selling fast cause everyone is looking to invest right now      but god answer my prayers and i was able to submit a offer on a house that was listed for 150K and after going back and fourth with my realtor and bank they finally agreed to a purchase price of 125k for a triplex 3600 sq. with also a inlaw unit that i could also rent out for making it a total of 4 units i can't believe it i am undercontract so i hired a real estate attorney to handle the deal and i am currently waiting for company to come out and dewinterize the house so i can do a walk threw with my contractor who is my old boss and friend and then i will be getting a home inspection i believe and moving forward to signing a purchase & sales agreement i don't have a exact closing date yet but i am expecting to do a 14 day close  also the house needs a lot of work and its in a b /b- neighborhood and i have to do tons of renovating but i still have a cushion to get some renovations done  125k purchase price +50k brings all the mandatory stuff i need up to code electric/plumbing/boiler/ etc ... and renovations  i will be into it for 175k is the plan  25k left over as my pincushing  but remember i will be house hacking so i will be living there and perform most of the renovations i can myself and i will do over units that i can with my budget so i can bring in rents The number one thing is i don't have a mortgage so i won't be under pressure with a mortgage payment every month and this would be a great starting point to build capitol for next rental multifamily investment   i will only have to worry about land taxes+homeowners insurance+plus water cost  i would like any feedback if any thoughts and advice from experience people and also opinions  on my strategy here and once again thanks for taking the moment to chime in on my experience ....    4 unit 3bd/2bd/2bd/1bd-studio 3bd in that town rents between 1000-1500 2bd rents between 900-1300 1bd and studio rents between 750-1200 this property is a potential win  please get back to me with any positive thoughts