Deal 1 house hack to fully rented

[Cedric Strawser]

Investment Info:

Single-family residence other investment.

Purchase price: $213,000
Cash invested: $12,000

House Hack spare bedroom separate from the rest of the home and gave access to the rest of the houses amenities.

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

minimizing my biggest expense which is our mortgage. I pay less than half now!

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

My Primary Residence, Once we move out the tenant will move into another unit we have, so we can get a family in our home or someone able to afford close to market rents.

How did you finance this deal?

FHA.

How did you add value to the deal?

Renovated the entire home inside and out, took out pantry to open living and kitchen space, added an island, updated kitchen, mounted TV, took all carpet and kitchen floor and replaced with padded LVP, also took carpet off step and install stair caps, also took all carpet out from upstairs hallway and the three bedrooms and add LVP.

What was the outcome?

equity increase, rent increase.

Lessons learned? Challenges?

Don't try and do something you clearly have no business doing, in other words hire an electrician.

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

Yes a local agent.