My first House Hack in RVA

[Yao Thompson]

Investment Info:

Single-family residence other investment in Montgomery.

Purchase price: $218,000
Cash invested: $15,000

House Hack, currently cash flowing about $50 a month.

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

I wanted to get my hands dirty and start down my investment journey.

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

I found it on the MLS and negotiated with a realtor down from the ask price if $225K

How did you finance this deal?

I financed with a FHA mortgage

How did you add value to the deal?

I replaced the HVAC unit as it went bad, in addition I added smart locks, and storm doors.

What was the outcome?

Overall I’m satisfied with this purchase although I would like my cash flow numbers to be higher. The tenants I currently have in place are decent but I’m the future I will spend more time getting each tenant to ensure they are a best fit and have a high likelihood of paying & staying.

Lessons learned? Challenges?

Check major systems with specialized vendors rather than relying on the home inspection; vet your tenants and go with your gut feeling after confirming they have the means to Pay.