First off woonsocket is a tough market. I'm hoping to take advantage of this tough market in the long run. The reason I'm posting here is to shed some light on what i consider an opportunity for myself and others who may think alike. I'm terrible at writing and I will jump all over the place. Sorry in advance. But in short here is what I have accomplished so far. Not anything brag worthy yet. I started investing may of 2014 with buying my first 3 family for only 146k with an FHA mortgage. I figured I could live for free. Over the last few years I have renovated all 3 floors with new plumbing, electrical and all the cosmetics like ceramic tile, granite counter tops. While doing the renovations I started looking for my second rental property but somewhere along the line I decided to get my real estate license also. I know deals typically aren't found through mls but at the time it was all i knew and i saw it as an opportunity to make some extra cash. Im closing on my second rental property Nov 30th.
So far my numbers aren't anything too impressive but im still proud of them.
3 family
Mortgage is 1562.00 with pmi
3rd floor rented at 850.00
2nd floor owner occupied as of now
1st floor will be rented out shortly for 1000-1200
So in the next few months i will be making a small cash flow of 288-488$ while living for free which is nice!
2 family
mortgage is 998.00
unit 1 1200-1400
unit 2 1200-1400
The cash flow on this property should be between 1400-1800 per month.
Flame me or give me advice. Im open to both
