Deal done, thanks to biggerpockets!

[Ryan Bolesky]

First id like to thank @Chris Mason because without his reply to one of my earlier posts asking for help structuring the deal. I would have never found of about "Gift Of Equity"

This deal i purchased off my parents, we closed today, heres the numbers

2 family Unit, Upstairs 2.5 bedroom 1 bath, Downstairs 2 bedroom one bath, laundry hookups in each, off street parking with large backyard and enclosed front porch.

We set the Purchase price at 120k so that we could utalize 40k worth of equity as a gift. Before repair the house ended up appraising at 132k... The 40k gift covered a large down payment and closing costs. the only thing i had to bring to the closing table was a pen and 18 dollars, everything in escrow was covered including my lawyer costs. The only out of pocket expense was my Appraisal and Credit Check fee which was 400$ all together

P&I - 468,24

Property Taxes - 157.85

Insurance - 51.42

School Tax 151.66

Total monthly payment of $829.17

Both units take in 900$ a month, conservatively, total rental income before CAPX and other expenses $1800

Not only that but my parents were able to walk away with 48k... and after catching the investing bug have agreed to JV with me and reinvest their capital gains into some more multi-family units! I plan to pull some capital out in a HELOC as well as a large sum ive saved up from other investments. We can hit the ground running with our new partnership!

I want to say thank you to everyone who has took the time to help and lend a hand! Wouldnt have been possible without BiggerPockets and im super excited to continue!