First House Hack (Cont/Follow-Up)

[Christopher Whitson]

Investment Info:

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

Purchase price: $450,000
Cash invested: $120,000

Contributors:
Tyson Harris

This is a continuation from my previous post about my first house hack. We purchased the property in June of 20' and lived in one side while taking on the current tenant at the time. We saved and waited while the market went crazy. We were able to refinance out of our PMI and fortunately the market took an uptick which built enough equity into the property that allowed us to qualify for HELOC on the property that covered about 90% of the renovation costs.

Images in this post are of the completed renovations in side A of our duplex. Side B should be completed in a few weeks (Will post pics when those are complete).

Side A has been posted for rent, so cashflow is TBD at the moment.

Lastly, but most certainly not least, big shout out to my contractor that has put in countless hours and numerous changes down to the small details, Tyson Harris. If you live in middle Tennessee and need a dependable contractor and team, reach out to Tyson and his team at Harris Property & Investment, LLC (HPI, LLC). His team are top notch and they do incredible work!

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

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

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How did you finance this deal?

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How did you add value to the deal?

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What was the outcome?

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Lessons learned? Challenges?

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

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