Updated almost 3 years ago on . Most recent reply
5 bed, 2 bath Single Family Home House Hack #2
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $505,000
Cash invested: $64,000
This was a 5 bed, 2 bath, single family home. We knew we wanted to get into another house hack where we could section off the upstairs from the downstairs. This one needed some work such as putting in a 2nd kitchen downstairs, and walling off a side entrance, but it turned out great! We lived in the top floor and airbnb'ed the basement. 3 bed, 1 bath upstairs, and 2 bed, 1 bath downstairs with a full kitchen.
What made you interested in investing in this type of deal?
The setup for house hacking was just what we were looking for. Plus it was only 3 minutes away from our other property.
How did you find this deal and how did you negotiate it?
MLS, and was able to get it $15k under asking price even in a hot market!
How did you finance this deal?
5% down, conventional loan
How did you add value to the deal?
We were able to do several renovations by adding in a kitchen downstairs, converting it into a non conforming duplex, adding central a/c, complete update of the landscaping, fencing, and many other small renovations to add value and forced appreciation into the property.
What was the outcome?
$2600 cashflow a month
$80k equity since 2021
