First House Hack in Minneapolis!

[Tucker Mortier]

Investment Info:

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

Purchase price: $343,500
Cash invested: $36,000

First deal! Closed on my first duplex house hack in Windom, Minneapolis in January 2022! Seller covered closing costs. Was able to get into this duplex with awesome terms to help set me up well for the next one!

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

The financial freedom that comes with buy & hold investments. Very stable area in South Minneapolis, 2 beds 1 bath on each side.

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

Found this deal with my agent Matt Bartholomew when it was first listed on the MLS. Waited about 30 days until the seller dropped the price by $20k. Immediately submitted an offer which the seller accepted the same day.

How did you finance this deal?

10% down conventional financing. Was initially going to go FHA but 10% ended up being a much better solution for me. My lender Tim Swierczek was an absolute rockstar.

How did you add value to the deal?

Increasing rents substantially by rehabbing one of the sides. Unfinished basements are holding future value.

What was the outcome?

I will be living in & rehabbing one side and have already rented the gleaming side out to creditworthy great people for $1,550! After satisfying the loan requirements of owner-occupant and rehabbing I will be moving onto a 4-plex!

Lessons learned? Challenges?

Buying this property while living in CO was a challenge. The biggest lesson learned is to stick to your crystal clear criteria, don't rush it, and your chances of success are large!

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

YES! Lender- Tim Swierczek. Agent- Matt Bartholomew. Both Rockstars.

Connect with me on Bigger Pockets!