First deal 3 months after college graduation

[Eric Swope]

From finding BiggerPockets during my junior year (Dec 2015) .... until collecting my first rent check two weeks ago ... it has definitely been an long journey to acquire my first property. First off, I would like to give a shout out to @Anthony Angotti for his advice on house hacking and financing my first deal as a recent college grad. Second off, I would like to thank BP for providing me with a wealth of information over the past 18 months.   

So here is a brief overview of what has happened from 2015 until now:

2015

-April of 2015, attended a Urban Land Institute (ULI) event in Chicago and met Sam Zell. After hearing Zell's personal story on business and real estate.. I was motivated to take the next steps

-April-Dec 2015- paid off as much student loan debt as possible and researched RE investing

-December 2015- found BiggerPockets. 

2016

-Continued pursuing my civil engineering degree while working three jobs. Listened to podcasts whenever I could.

-December 2016- Paid off all my student loan debt

2017

JAN-March- Searched for small multifamily properties in the Pittsburgh Area for my first house hack. Became pre-qualified for FHA financing. Walked through properties on the MLS.

-April-found an off-market duplex when mentioning my goals to friends/family. Analyzed the deal and visited the property

-May- Became pre-approved for the property. Worked with an attorney to draft up and sign sale agreement.

-June-July- Due diligence phase, renegotiate with seller. 

-July 31st- Closed on first property 

Property

-Side by duplex (2400 SF total, 2bds 1.5 bath each unit) built in 1979.

-Roof 8 years old, furnace 10 years, water heaters (A-1 year old, B-3 years old), AC units 5 years old, appliances less than three years old in both units.

-Purchase Price $155k

-FHA 30 year fixed at 3.5% down payment

-Seller covered all closing costs.

-Unit B rented at $850 a month (inherited tenants), tenants pay for ALL utilities, tenants mow lawn per inherited lease.

-Unit A vacant and now current residence.

-P&I $715 $80 month PMI

-$1mil umbrella liability insurance at $140 a year on top of homeowners policy

Thoughts on my first purchase BP?