House Hack in Utah College Town

[Chloe Dawn Murphy]

Investment Info:

Single-family residence buy & hold investment in Logan.

Purchase price: $169,000
Cash invested: $8,000
Sale price: $300,000

Bought a 3 bedroom, 2 bath house to house hack and rent out to college students. Quickly turned the extra living room into a fourth bedroom. Rented the home for over 4 years easily. With the current market in Utah I decided to sell in Fall 2021 with 130k equity.

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

I didn't know much about real-estate back then, but I did know that owning was a smarter choice than renting and throwing money away. It seemed simple enough and I feel lucky to have found a home that brought great success for my first deal.

How did you add value to the deal?

Added a fourth bedroom. New Paint throughout. Refinished the original wood floors. New carpet. Landscaping. New roof, New electrical system. Added an AC unit.

What was the outcome?

Not only did I live rent free for 2 years, but I made $100 cashflow per month during that time. After moving out the house made consistent $450 a month for another 2 years. I learned a substantial amount about property management and home repairs. After selling came out with 120k in my pocket.

[Chloe Dawn Murphy]

@Collette Petersen currently looking now for my next deal. Because I lived my house for 2 of the past 5 years I can do a section 121 instead, which is a tax exclusion rather than a deferral. Super stoked for this next project