First Investment/ Single Family House-Hack

[Felix Rodriguez]

Investment Info:

Single-family residence other investment in Portsmouth.

Purchase price: $240,000
Cash invested: $1,000

4 Bedroom/ 3 Bathroom, 1768 sqft

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

Flexibility to own a home while living for free or at least for cheap while still earning equity on the property.

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

I found the deal and made the negotiation through my Realtor, Dycallon Dc James with Pilot Realty Team. He's very knowledgeable in the VA and NC areas, and a great person that keeps your best interest in mind and is very transparent. If anyone in these would like to get a hold of him I'll leave his contact info below in the last question.

How did you finance this deal?

VA Loan

How did you add value to the deal?

As of right now I've negotiated with the seller for a $7,500 closing cost which comes to a estimated 3.12% of the deal, expecting to put $1,000 from my share depending on a 3% to 3.5% closing cost with the lenders.

What was the outcome?

Currently in the Home Inspection process, will post more for updates..

Lessons learned? Challenges?

Definitely got more than acquainted with the home buying process and how much time and effort goes into figuring out which home really fits your needs. As well as figuring out the numbers to work towards your ultimate goal or at least my goals to acquire a home and dive into the home owner/property manager position for experience, all while living below the average cost and earning equity in the long run.

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

Productivity Coach of the PILOT Realty team at Keller Williams Elite Western Branch
Dycallon DC James
https://instagram.com/realestatewithdc?r=

[Matthew McKee]

Congrats brotha! the VA loan is without a doubt the most powerful financial tool known to man. I advice you force as much appreciation into the property as you can, refinance into a conventional when rates start coming down and use that VA/house hacking method to repeat the process while converting this deal into a rental.