First time buying a home to live in in 10 years!

[Tim Callahan]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Dayton.

Purchase price: $325,000
Cash invested: $23,000

Bought a 3 family. PITIMI = $2086 per month. Rent from other 2 units is $2200 per month. I now live for free without a mortgage payment, and put an extra $100 in my pocket each month for living there. This doesn't account for vacancy, repairs, etc, but I am happy!

What made you interested in investing in this type of deal?

Cashflow was there to basically eliminate my mortgage payment.

How did you find this deal and how did you negotiate it?

Talking to a friend who was rehabbing it and selling it.

How did you finance this deal?

FHA Mortgage

How did you add value to the deal?

I haven't yet

What was the outcome?

Successful deal, I'm living there now.

Lessons learned? Challenges?

Don't let price or credit stop you from pursuing your dream. I never thought I'd be able to pull this off, but persistence and improving my credit, and patience helped a lot.