House Hack. 2nd investment property

[Lawrence Feder]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $630,000
Cash invested: $18,000

This is in progress of rehabbing. Sometime next year we will add a garage conversion, and detached ADU in the backyard. Currently not cash flowing.

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

Perfect for a live in flip. Plenty of backyard space for a detached ADU, and considering a garage conversion, loft, or building ontop of the garage.Enjoying calling it home while we are constantly adding value to it.

How did you find this deal and how did you negotiate it?

We found it though our RE agent. This property was already turnkey and we acquired it from a flipping company based locally.

How did you finance this deal?

We financed through the FHA program. We continuing to add more features and upgrades to add value and equity. Once we have enough equity in the property, the goal is to eliminate the PMI, and then start the garage conversion and ADU goals.

How did you add value to the deal?

Backyard fence, open up the kitchen floor plan, added more countertops, solar panels, stainless steel appliances.

What was the outcome?

Still in progress.

Lessons learned? Challenges?

So far it has been a painless process.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Dennis Amundson- eXp Realty