2nd duplex house hack in NJ

[Mark F.]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $610,500
Cash invested: $43,000

Two family house hack. Live on first floor, finishing out basement and renting the second floor.

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

MLS. With realtor/mentor, offered 12k over asking.

How did you finance this deal?

FHA 3.5%

How did you add value to the deal?

Doing some renovations and finishing the basent to add value to the first floor rental when we move out.

What was the outcome?

Still work in progress.

Lessons learned? Challenges?

Appraisal came in under (second time that's happened on a house hack for me) but can be used as a tool to get the house slightly cheap. Also stay on top of all parties when getting closer to closing date.

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

Yes, all amazing to deal with and used multiple times. Links at the bottom. My agent Thomas Corrente, mortgage broker Todd with Brightwire Loans, attorney Joe Bimonte, and LESA home inspections was great as well. 

Thomas Corrente-

https://www.zillow.com/profile...

Todd- http://brightwireloans.com/phone/index.html

Joe Bimonte- https://bimontelawllc.com/

LESA Inspections- https://lesainspections.com/