House Hack #2 Bay Area

[Torre Samonek]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $525,000
Cash invested: $20,000

1900 sq ft house that has a finished basement that will become an STR for travel nurses.

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

It has a finished basement & it's a 5-minute drive from two major hospitals.

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

Found it on the good ole MLS.

How did you finance this deal?

FHA loan with a GSFA (California specific) down payment program.

How did you add value to the deal?

The house needs a complete cosmetic refresh, the lowest comp in the area was around $590k, we purchased at 525K.

We will turn the finished basement into travel nurse housing.

What was the outcome?

Still in progress.

Lessons learned? Challenges?

Carrying two mortgages is tough, even though house hack #1 has a paying tenant, always keep reserves.

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

We used The David Greene Team, specifically Kyle Renke & Osazee Edebiri.