First Investment as House Hack

[Tristan Romero]

Investment Info:

Single-family residence buy & hold investment in Roseville .

Purchase price: $499,450
Cash invested: $14,983

This is a single family home with 1,452 sqft and is a 3bd 2bth.

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

My reason for House Hacking was the lower risk involved by allowing me to only have to put down 3%. With such a low downpayment this allowed me to have a higher cash reserve amount.

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

I found this deal on Zillow and showed my Realtor at the time. He did a majority of the negotiating. My input in the negotiating was the push for more credits back which we did end up receiving.

How did you finance this deal?

We used a Conventional loan for a primary residence.

How did you add value to the deal?

As of right now nothing yet but we are in the process of adding slight cosmetic work throughout the house.

What was the outcome?

My girlfriend and I starting our investing journey.

Lessons learned? Challenges?

Thankfully there were no issues throughout the entire process of buying this home. The challenge for us was pivoting from our initial plan to buy a duplex. Through our initial search we quickly found out that every duplex that fit our criteria was requiring 15% down and not accepting FHA which forced us to look at SFH's instead.

[Bart Van Leijsen]

Quote from @Tristan Romero:

Investment Info:

Single-family residence buy & hold investment in Roseville .

Purchase price: $499,450
Cash invested: $14,983

This is a single family home with 1,452 sqft and is a 3bd 2bth.

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

My reason for House Hacking was the lower risk involved by allowing me to only have to put down 3%. With such a low downpayment this allowed me to have a higher cash reserve amount.

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

I found this deal on Zillow and showed my Realtor at the time. He did a majority of the negotiating. My input in the negotiating was the push for more credits back which we did end up receiving.

How did you finance this deal?

We used a Conventional loan for a primary residence.

How did you add value to the deal?

As of right now nothing yet but we are in the process of adding slight cosmetic work throughout the house.

What was the outcome?

My girlfriend and I starting our investing journey.

Lessons learned? Challenges?

Thankfully there were no issues throughout the entire process of buying this home. The challenge for us was pivoting from our initial plan to buy a duplex. Through our initial search we quickly found out that every duplex that fit our criteria was requiring 15% down and not accepting FHA which forced us to look at SFH's instead.

 Very nice property! How were you able to get a down payment of $15k on a bigger loan?