How I got my first Deal..... close Feb 17

My first investment property. 

How I got it?

Responded to an add on craigslist. The phone number given had an area code that was unfamiliar 541.... it went to a an old dial up phone. So I said, maybe the person put the wrong number.. .tried our area code of 513, voila, I had the seller. Now I'm sure there are others who inquired figured this out, but I like to think this contributed to me getting there first. Anyway the house I responded to was a college undergrad pad I had no interest in... but the owner said he had one down the block that he rents to Med School students or hospital employees being that it's right next to Cincinnati's big hospitals as well as the University of Cincinnati. 

I went and toured the home.. absolutely loved the old Italianate architecture with original tin ceilings and fixtures.... I mean people who dined in the kitchen could have been on the Titanic!!!... it was built in 1892.. and even though I know older homes can be more costly... it was in great shape and upgrading and modernizing this great home is something I know I'll enjoy doing. 

The Home

Duplex

First Floor- 1 bed 1 bath 1200 Sq Ft(Where I'll dwell)

2nd and 3rd floors make up 2nd unit - 4 bed 2 bath

Washer and Dryer for each unit in the basement

Quaint little backyard that is chainlinked on the side and covered in ivy and a large 8ft wooden fence along the back.PRIVATE

Paid $176.5k

4b2b will rent between $1500-$1750

1b1b will rent between $750-$900

Financing- I used an FHA Loan combined with a Communities First Grant (thanks to the Cincinnati Port Authority) they actually are paying my downpayment(.035*176500)!! Completely free money as long as I keep property for 5 years. Anyone from Cincinnati area I highly suggest you look into this grant--- it's allowing me to have almost no $ down and have money for RENO's or another property!!

Closing Costs and Earnest $ has my cash in this at only $3800

Mortgage - $1272/month(including HOI, MI, Taxes, Principle & interest)

After 6 months I'm going to refi into a conventional FHA Loan(lender has experience doing this) and drop that MI... and if the appraisal is a winner combined with my plan to upgrade both kitchens, my equity should be greater and that monthly payment should drop a little more. 

So after the inspection there were a few things that needed to be addressed, but nothing major... I was ecstatic..... Now I'm waiting for the appraisal results... the owner has agreed to fix the things we requested... and things are looking good to be closing on FEB 17. 

I'd love to hear all of your feeback, questions, advice, etc.... I'm very excited to continue investing.