Primary Residence - First Buy

[Logan Francavilla]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $695,000
Cash invested: $34,750

I am currently house hacking my first purchase and primary residence. I am renting out the other rooms and living in the other.

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

Didn't want to pay rent and wanted to start building wealth asap.

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

Found it on the MLS. Got $9,000 back in credit during the inspection period through my own findings.

How did you finance this deal?

Conventional 5% down loan with Cross County Mortgage out of Santa Rosa.

How did you add value to the deal?

Removed unnecessary walls that were dividing up the kitchen, dining room, and living room. Painted the entire interior. Removed all laminate flooring and carpets and installed new LVP flooring. Landscaped the backyard.

What was the outcome?

Currently living there with roommates paying most of the mortgage.

Lessons learned? Challenges?

When you find the right property you have to move fast. This property was on the market for 2 days and had 6 offers. I went $45,000 over asking price but it is already worth more than what I paid for it.

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

I am a realtor myself and I worked closely with lenders from Cross Country Mortgage.