Second House Hack in New Orleans, LA

[Essien Benjamin]

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%.