Closed on a Three Unit Investment Property

[Katherine Rossell]

My partner and I just closed on our third investment property. We purchased a three unit for $78,000 with the seller contributing 6% towards closing costs, with an FHA loan (love house hacking). The buildings operating income is $2185, expenses are $1238 (with reserves), and the mortgage payment is $354. A total of $593 with all three units being rented. Because we are living in one of the units, we won't have any cashflow but the other two rents will cover the expenses. We will also be moving out of the duplex we currently live in and getting the cashflow from our 6 units in total.

Looking forward to building our investment portfolio further. And seeking to grow into large investment properties. 

[Katherine Rossell]

We have three months of expenses in a bank account for reserves. We then decided to put $200 a month into a reserves account for this building for needed repairs. I could be using the word reserves wrong it may also be for CapX.