Miami House Hack Round 2

[Kathy Corressell]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $515,000
Cash invested: $35,000

Single family home that has an extra addition that is going to be converted to a studio apartment. Very desirable neighborhood but the house needed some major work and had a lien from some expired permits from 2009. After much negotiation with the sellers we were able to get a $15k credit at closing AND a $12k check from the sellers after closing. My business partner and I are going to move into one of the units and house hack the property so we only had to put 5% down. (after moving out of our current house hack we expect to generate 5-6k monthly in airbnb income from where we live currently). We are 50/50 on the deal and put around $16k each in. We are now using 2 interest free credit cards to do the reno. The larger 2/1 unit is almost complete and we plan to furnish and rent to travel nurses for 3800-4000. The Mortage/tax/insurance is 3400. We are going to live in the studio until we can move and house hack again. Once fully rented the studio should bring in about 2k monthly. Putting our cash flow somewhere around 1500 monthly after expenses.