Miami House Hack Reno

[Kathy Corressell]

Investment Info:

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

Purchase price: $520,000
Cash invested: $60,000

House hacking this property with my best friend. We went 50/50 on it. Its a 3/2 and a 1/1 on a huge 11,000 sq ft lot. Did a pretty massive renovation in about 6 weeks. We rent the 1/1 to travel nurses fully furnished and rent the master br to a friend. 1/1 rented for 2400 and the master br rented for 1300. Mortgage is 3400.

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

I wanted to house hack to get my investing started and Miami properties are so expensive that I needed to house hack to avoid using all my money for the down payment.

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

Found on realtor.com, sent it to my agent and made an offer within 8 mins of it being on the market.

How did you finance this deal?

conventional loan 5% down

How did you add value to the deal?

Gutted the 2 bathrooms in the 3/2, new counter tops and backsplash, paint. In the 1/1 all new floors, moved a wall, all new bathroom, new paint. The backyard was a dirt pile, added a new large patio and landscaping, all new grass.

What was the outcome?

Living 100% for free