Completed Deal Diaries: House-Hacking in Houston TX $900 cashflow

[Stanley Ezeadi]

Hey guys, it feels like it was just yesterday that I made my newbie intro on BP. Last month I gave the keys (keypad code) away to the Master Bedroom of my first House Hack and preparing for my next move which closed a few weeks ago. Here are the numbers! (Note: I have owned this property for 1 year now. This one closed Jan. 14 2020. )

Purchase Price: 189K

Financing: 3% down Conventional, my cash to close came out to $7435.12

Renovation: 

Re-pipe home +water heater- $4800

Paint/Wall patching: $1200

Appliances & Misc: $1000

This property had OK bones but was pretty dated. I did some DIY painting and a friend helped with selecting some tasteful decor which has gotten some great compliments. This property is a 4 bedroom 2.5 bathroom home in Brays Oaks near Meyerland. I rent this property by the room and it does pretty well. I rent 3 of the bedrooms for $650 and the Master for $700. 

Estimated Value of home today: 245k

Rents Received: $2650

PITI: 1450

Utilities + Lawn Care+ Internet: 280

Monthly Cleaner: 40

Cashflow: $880

Note: I have a 10K reserve fund for this property. 

Also I was able to rent my spare bedrooms before my mortgage was ever due so I have never actually paid the mortgage out of pocket.