Updated about 6 years ago on . Most recent reply
Partnership House Hack
Happy Thanksgiving BP Fam! Grateful for this amazing community of like minded individuals!
After nearly 2 years of religiously consuming BP content, I'm excited to finally introduce myself and post about my first deal.
My name's Cam Vankerkhove, I'm 23 years old, live in Rochester NY and I currently work full time as an engineer, as well as part time as a real estate agent.
Earlier this week I closed on my first property! Here are the specifics of this deal:
Property Type
Duplex - 3-bed bottom unit, 2-bed top unit
Purchase Price
$172,500 - FHA 3.5% down, 3.125% interest rate
PITI
$1200
Income
$1100 rent from tenants in bottom unit
Details
The loan is in my name, however this deal was a 50-50 partnership with a close friend and fellow BP member. We'll be living in the top unit for at least a year and will equally split equity, income/expenses and management responsibilities. After all expenses and reserves are accounted for, we're able to live in a nearly turnkey property for very little out of pocket each month, allowing us to rapidly accelerate savings for future deals.
I was also able to earn a commission on this deal for being our agent! Icing on the cake!
I can't express my gratitude enough for the incredible value that Biggerpockets has provided to me and so many others. Thank you BP!!!
Hope everyone has a great holiday season!
