From 0 desire to 4 units in 4 months

[Kevin Z.]

I started listening to the BP podcast in October of 2016. At that time I was feeling a little house poor after having gotten divorced and footing all of the bills with half of the income. I figured I would sell and move, but I couldn't find anything that would be an upgrade in terms of shortening my commute to work without a serious downgrade in the quality of housing. My brother had success renting out his home and I was surprised to learn from a local realtor that I could probably rent out my home for PITI+$335, and I have great tenants in there who are taking great care of the property. I will be using that $335 to continue to do projects on the house. When the current tenants live I will consider selling (now that BP has shown me what a really great deal looks like) or at the least I will hope to be able to raise the rental rate.

I purchased a 2-family for $417,000 and after about $25,000, it has been converted into a 3-family. I occupy one of the units and intend to fix it up. Currently the other 2 units rent for $2,900. So I live for free and receive about $450/month over PITI. Soon I will look for my next deal, and I will hope to get $1,700 for the unit I am occupying, so that will give me a total of $2,150 above PITI.

Thank you to BP for giving me the courage to try this. It has already changed my life by allowing me to move much closer to work. It also gives me a good bit of financial relief each month. I am hoping that by year's end I will be able to score my next project. I think it will be something requiring extensive rehab, but I will see what becomes available. 

THANKS BP!