My First House Hack

[David Tremblay]

Investment Info:

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

Purchase price: $351,500
Cash invested: $15,000

This property was bought as a house hack. I am currently living in the largest unit which has 3 bedrooms and one bathroom with a fully finished basement only this unit has access to. Once I move out the market rate would be about $2200 as of today. The other two units are both one bedroom one bathroom currently renting for $850.

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

I've always wanted to get into multifamily and I finally was able to do so.

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

Found on the MLS and was about to get the max seller credits to go towards buying down the rate to 5.25% and the down payment/closing costs.

How did you finance this deal?

FHA first time home buyer loan 3.5% down.

How did you add value to the deal?

The larger unit I have gone through and painted, ripped up old carpet and replaced with wood floors, replaced some appliances, replaced light fixtures, replaced hardware on doors and cabinets.

Lessons learned? Challenges?

Never pay a contractor in full until the job is done no matter how well you think you know them! Something that was always told to me but thought didn't apply to me and ended up learning the hard way.

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

Yes, Arden Mcswain Stuckey with Keller Williams is the absolute best!