Successful House Hack ...... Financially Free After 1st Deal.

[Robert Kurka]

Investment Info:

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

Purchase price: $480,000
Cash invested: $17,000

This was my First House hack project. I did an FHA loan with 3.5% down, and only $17,000 out of pocket. I Invested $16,000 to Turn the garage into a unit B studio apartment. I turned a duplex into a triplex. I then put the new unit on Airbnb after furnishing it. My Airbnb almost covers my mortgage. I then rent out the other unit for 1$500 a month, which covers most of my living expenses and bills. This property now allows me to live with all my bills paid and with other people paying my mortgage. . Successful house hack! Looking to buy my next one in the next few months. Altogether when I move out this property should have a positive cash flow of $2350 monthly after all expenses are paid.

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

Passive income is the way to go. Nothing excites for me more than the idea of doing whatever I want with 100k plus a year in passive income, with other people paying all my mortgages.

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

I found this deal on the ML, it took 8 months to close because of lot line adjustments and whatnot. Being patient is key to getting a good deal.

How did you finance this deal?

FHA Loan 17k down

How did you add value to the deal?

I turned the garage into a studio apartment and then put it on Airbnb. It is now killing it and almost covers my mortgage.

What was the outcome?

I want 10 more.

Lessons learned? Challenges?

Find your unicorn they are out there.

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

Jared Holland, JH1 homes