First official house hack

[Jon Hill]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $360,000
Cash invested: $35,000

Our first intention house hack. We lived in an unfinished basement the first 4 months while we saved money we would have been paying to rent/mortgage to finish it. Did some of the work ourselves. Plan to move out and it should net us close to $800 when we do

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

Lower cost of living while adding a property

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

Was on the MLS and got stereotyped as a bad property because the agent messed up the lock box and the property didn't sell in one weekend

How did you finance this deal?

Conventional loan

How did you add value to the deal?

Finished the basement

What was the outcome?

Rented out all the rooms for: Master $1000, Bedroom 1 $705 which included one garage spot, Bedroom 2 $675, and basement will rent for $1100 when we move out

Lessons learned? Challenges?

Renting a 12x10 bedroom that shares a bathroom can be a little tough

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

Yes, myself