@Oleg Shalumov I would be happy to share. My first deal was before I found bigger pockets and knew how to analyze a deal. It was a foreclosure that I knew was a good price and I hoped to possibly rent in the future but I wasn't sure how to go about it. After living in the home for a year I found bigger pockets, learned how to better evaluate deals, and started working to rent that home out and buy another. For approximately 2 more years I tried unsuccessfully to get to that next step. I received many answers to questions and made a ton of phone calls to different banks trying to find one that would let me rent out the current home and purchase another without the need to have my income cover both. Virtually every call I made I was told that I would need to have my current home rented for a year or two and then I would be able to purchase another property. My credit was very good but I did not have the income to qualify for two homes that my family of 6 could live in. I voiced that here and asked if anyone local had any contacts that could possibly work with me. @Dawn Brenengenwas able to help me for which I am forever grateful. She put me in contact with a mortgage broker who was able to help. I just needed to have the original home rented with a signed lease, because I had sufficient cash flow, and because my original home now had equity, and I could qualify based on my income for just the new property!!
I purchased the first property for 124k with just 2,500 down (borrowed from my 401K) in Feb of 2013. Mortgage, taxes, insurance, PMI, $860 a month. Since then it has appreciated nicely and is worth approximately 177k. Current rent (through July 2017) 1375. After taking out 10% for property management, 10% for repairs, and 10% for vacancy I currently get about 100 a month profit. I will be able to get the PMI removed early next year and I expect to be able to raise the rent to 1450 in July. At that point the cash flow will look much better.
The home I am currently living in I purchased for 118K in Oct 2016 (6K down payment again borrowed from my 401K) and it currently is worth approximately 145K. It should rent for approximately 1300 and my current mortgage, taxes, insurance, MIP is 740 a month. My goal is to rent this one out by early 2018 and then find another home where the numbers make sense.
I still can't believe that things are really started for me. It took a lot of phone calls, searches and questions asked on the forums, and a lot of planning but it is so worth it!!! I know I am just getting going but I am very excited for the future and the changes it has already brought and will continue to bring for my family!! I have made sure to include my Wife and children in the thought process and brain storming sessions and it has changed all of our thinking on what is possible for us. Thanks again everyone that has taken time to answer questions and help us newbies out!!
