My first house hack

[Ross Fremerman]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $475,000
Cash invested: $40,000

my primary residence that I am currently house hacking. I have 2 upstairs tenants and I airbnb the basement.

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

I wanted to get started in realestate and so as soon as I realized that I could split the upstairs and downstairs to two seperate units I made an offer.

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

Found it on the MLS. We negotiated to have some seller credits for the roof and electrical systems (Total around 1 K).

How did you finance this deal?

Traditional loan with 5% down 3.75% interest rate. I also used a nurse grant program to help me with the down payment and closing (around 18 K)

How did you add value to the deal?

I renovated the basement and turned it into a short term rental and I painted the upstairs I am also in process of land scaping the back yard

What was the outcome?

I have not gotten it reappriased yet as it has not been that long. Plus the market is not great to refinance. But, I will in the future!

Lessons learned? Challenges?

I got ripped off by a few contractors because I did not shop around. They did a good job, but they definetly put a hole in my pocket. I will be shopping around next time.

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

Peoples mortgage for my lender and coldwell banking for my broker. They were the ones I had to use because of my grant that I received. They were great I was able to close in about a month! Steve was my Realtor. Even though he was not an investor himself, he was able to help me through the process and answered all my questions. I would recomend for non-investors! I dont believe they do the grant anymore though.