I bought the property using an FHA loan for $375,000. I had to put down 3.5% which came out to $17,467.97 after closing costs. I have to move into the property in order to utilize the FHA program. This then means that I can only rent out 2 of the units because I'll be living in the other one. So according to market rents, I'll be able to rent out the main house for $1650 a month and the back unit for $1050 a month. Which means that I will have a gross monthly income of $2700 (no OE included)

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

Location, location, location... This triplex is 2 miles from the University of Arizona! I knew that it'd be a great buy and hold investment because it will always be valuable and easy to rent out.

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

I met the owner, who was an investor, at a local meetup for multi-family. He showed me the place and I agreed to his price knowing that because of my low money down strategy, I'd end up making money.

How did you finance this deal?

I used an FHA loan and put down 3.5%.

How did you add value to the deal?

Well, the investor already had rehabbed the place so it was pretty turn key. However, my dad refigured the main house kitchen and I had 2 washer and dryer sets installed on the property. I definitely have made the property more rentable since I bought it.

What was the outcome?

I'm still working on the property getting rented but I've had tons of interest and it's only been a day. Like I said previously, I don't think it's going to be very difficult to rent.

Lessons learned? Challenges?

Where do I start??? One of the main lessons I learned was to check for split meters when it comes to multiple units. I knew that going in but didn't seem to check on it. So now I have to market the property with higher rents but include utilities. I don't think it's a deal breaker but I definitely wish I would've checked that out originally.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'm an agent myself so I was able to represent myself as the buyer as well as the seller. That saved both of us some time and also made me some money! I did work with a great lender out of Phoenix if anybody is interested. I'd be more than happy to give you his contact information.