First deal, triplex house hack.

[Tyrell Legerski]

Investment Info:

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

Purchase price: $205,000
Cash invested: $13,000

Purchased a triplex in order to house hack, currently living in one unit and renting out the other two at $750 each. Has worked out well. Area is located within 30 minutes of mountains and close to one of the most explosive real estate markets in Wyoming. Currently renovating the unit we are living in with the goal of finishing in order to STR by September 2022. Total monthly LTR potential of property is $2450 if STR doesn't work as well as we hope.

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

The house hacking model was just what we needed.

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

Real estate agent in our area matched us with this deal on her own. Negotiations were short and sweet, no 1 year home warranty but 10k off listed price.

How did you finance this deal?

FHA loan.

How did you add value to the deal?

Complete gutting of the unit we are living in, new wiring, cabinets, drywall, etc.

What was the outcome?

Currently living for free and have not even finished renovations on final unit.

Lessons learned? Challenges?

Living in a one bed one bath while renovating it has been extremely challenging. Would not do the same thing for another deal.

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

Alicia Carrol of Carrol Realty has been incredible.