Updated almost 4 years ago on .
House Hack to investments
Investment Info:
Townhouse other investment.
Purchase price: $136,000
Cash invested: $15,000
Sale price: $165,000
House hack, had roommates while living and saving up to buy investments.
What made you interested in investing in this type of deal?
Didn't want to rent, and wanted to do what I wanted with the place.
How did you find this deal and how did you negotiate it?
Bought it off a guy I worked with and sold it to a friend.
How did you finance this deal?
Walked into a bank and asked for a mortgage.
How did you add value to the deal?
I let time do the work for me.
What was the outcome?
Lowered cost of living allowing me to pour funds into my investments.
Lessons learned? Challenges?
So many. First purchase no agent no clue what I was doing. Walked into a bank and asked for a loan. Got to sell to a friend that is now doing the same thing, and made a win win for everyone and giving him built in equity for a flexible close time. Wrote the contract to buy in word and faxed to a title company. Hind sight so much could have gone wrong but luckily nothing major did.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Lender and Title and Escrow.