4 Unit House Hack in Maine

[Max Twaddel]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $184,000
Cash invested: $35,000

We purchased this initially as an investment, then moved into it to house hack 6 months ago. The property has 2 buildings, front building has 2 offices downstairs with a 1 bedroom apartment upstairs. The back building is a single family 2 bedroom house. We now live in the back building and continue to rent the front. We raised rent and switched utilities over to tenants after purchasing. We know cashflow around $200/month while living for free.

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

My father was our buyer agent and since purchasing this house, I have become so interested in real estate that I recently got my license as well.

How did you finance this deal?

A gift down payment and commercial loan since we were not living in the property at the time.

How did you add value to the deal?

Raise rent, switch utilities to tenant, and we are now putting sweat equity into the back house which we are living in now.

What was the outcome?

Increased cashflow and a free place to live.

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

The First Bank is a very helpful bank which can do portfolio loans and creative financing.