Hands Off Single Family Home House Hack

[Tori Magers]

Investment Info:

Single-family residence buy & hold investment in Columbus.

Purchase price: $182,000
Cash invested: $12,000

House hacking single family home

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

I just wanted to get started and didnt want to keep renting so I decided to buy this property with the intention of living in it for 2 years and then renting it out.

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

MLS - negotiated $10k off the sales price and had fixes on the house made

How did you finance this deal?

Traditional FHA loan then refinanced for lower interest rate a year later

How did you add value to the deal?

This is a very hands off and truly passive investment. I have a property manager that handles everything daily and just receive the small cash flow each month while appreciation rises

What was the outcome?

I like seeing the small cash flow every month as the appreciation rises. This is just taking action and dipping my toes in. The deal does not do a high COC return like I am learning about now but I am still glad I took action and now have great equity in a home in an up and coming area of Ohio

Lessons learned? Challenges?

Would have negotiated further on the purchase price.

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

I have a great property manager that I highly recommend

[Steven Foster Wilson]

Quote from @Tori Magers:

Investment Info:

Single-family residence buy & hold investment in Columbus.

Purchase price: $182,000
Cash invested: $12,000

House hacking single family home

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

I just wanted to get started and didnt want to keep renting so I decided to buy this property with the intention of living in it for 2 years and then renting it out.

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

MLS - negotiated $10k off the sales price and had fixes on the house made

How did you finance this deal?

Traditional FHA loan then refinanced for lower interest rate a year later

How did you add value to the deal?

This is a very hands off and truly passive investment. I have a property manager that handles everything daily and just receive the small cash flow each month while appreciation rises

What was the outcome?

I like seeing the small cash flow every month as the appreciation rises. This is just taking action and dipping my toes in. The deal does not do a high COC return like I am learning about now but I am still glad I took action and now have great equity in a home in an up and coming area of Ohio

Lessons learned? Challenges?

Would have negotiated further on the purchase price.

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

I have a great property manager that I highly recommend

 Great job for getting started Tori. When my wife and I were getting started everyone said you should rent. But we were determined to buy a place. Our first property on The Ohio State campus has bee one of our biggest cash cows and has appreciated in leaps and bounds. Are you going to keep going?