Leaving our first house hack!

[Ty Coutts]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $589,900

Single Family with separate entrance basement and full kitchen downstairs so able to house hack while living here at fixed it up. Successfully just rented the top "unit" out as we move to get our next one and together the two rental spaces will let us cash flow nicely.

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

The location of the hospital and surrounding area was perfect for medium term rental of traveling nurses. Plus I knew there was some easy value add opportunity within the home itself.

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

Waited patiently watching it go off and on the market 3 separate times. Came in with a low ball offer and made the sellers pay 27k in needed repairs that we allowed an escrow holdback for.

How did you finance this deal?

Conventional financing

How did you add value to the deal?

New kitchen floors, backsplash and countertop. New stainless steel appliances. Two bathroom remodels. Painted every wall. New landscaping in backyard.

What was the outcome?

Was able to get enough equity for my HELOC to buy my next place and leave this one fully rented and cash flow positive

Lessons learned? Challenges?

Learned a lot about tenant management, budgeting and design plans

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

Travis Beers was our Rockstar agent and of course teammates at Aslan Home Lending helped with the loan!