My very first house hack!

[Matt Solis]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $255,555
Cash invested: $30,000

First house hack! Bought this 4 bed 2 bath for $255,555 (20k over asking). House was rent ready and needed no renovations.

Numbers:

Upfront cash invested: $30k

PITI: $1500
Bills: $300
Reserves: $400

Total monthly expenses: $2200

Monthly Gross rents: $2800

Monthly Cashflow: $600

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

I found the deal on Zillow. It’s in a prime area of DFW, and I knew it would be a multiple offers over listing situation, so I went as far over as my budget would allow. I only beat out the 2nd highest offer by $555!! I had no problems going over listing since I knew it would still cashflow nicely.

How did you finance this deal?

5% down conventional loan

What was the outcome?

$600 a month in cash flow, and a ton equity value due to appreciation.

[Matt Solis]

Quote from @Alicia Marks:

Nice work! When and where are you planning to go next?

I closed on my 2nd property last month, currently renovating it. It’s a 4/2 in Arlington that I’m converting to a 6/3! I’m excited to share those numbers once the renovations are complete.