Updated almost 4 years ago on . Most recent reply
Second House Hack in New Orleans, LA
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $329,000
Cash invested: $11,984
Second house hack after moving to New Orleans, LA. It was also my first small multifamily deal. The unit that I occupied was a 1 bed/1 bath unit. I rented out the larger unit which was a 2 bed/2 baths unit. I wasn't living totally for free, but I was still able to cover the majority of my mortgage with this house hack.
What made you interested in investing in this type of deal?
I wanted to get some experience in the small multifamily space. It was also in a very high demand area of the city, so I knew I wouldn't have any trouble finding renters.
How did you find this deal and how did you negotiate it?
I found this deal on the MLS. At first I offered at purchase price which was originally $319k, but then the seller countered at $329k. It was such a good deal, even with the extra $10k that I still ended up buying it.
How did you finance this deal?
I used an owner occupant FHA loan and only had to put down 3.5%.
