cherwood ln duplex

[Patrick Hayes]

Investment Info:

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

Purchase price: $189,900
Cash invested: $13,194

side-by-side duplex im house hacking

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

I like multifamily because you have more people paying the mortgage so I'm able to have half my mortgage paid by my tenant

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

my real estate agent sent me the deal and it came with a few issues we were able to get a credit from the seller as well as a termite treatment

How did you finance this deal?

used an FHA loan put down 3.5%

How did you add value to the deal?

I plan on fixing all the issues in the inspection report

What was the outcome?

this is my first investment so the goal was to start small and house hack to avoid paying rent and i accomplished that goal

Lessons learned? Challenges?

as it was done through an FHA loan one of the stipulations is that you have to live in the property you're buying and at the time the property was 100% occupied so I had to go through an eviction process

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

Auburndale group, doorby property manager company, zach nelson