Miami House Hack

[Ryan Echols]

Investment Info:

Single-family residence buy & hold investment in Pope Valley.

Purchase price: $540,000
Cash invested: $20,000

Single family with attached ADU (converted garage.

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

I wanted a place to live in miami and have a future cash flowing rental.

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

Found it on the MLS. Offered 20k under asking and it was accepted without negotiating.

How did you finance this deal?

FHA Loan

How did you add value to the deal?

Renovating interior and exterior. Also adding a “wow” factor to the property for future tenants.

What was the outcome?

Appraised 100k over purchase price.

Lessons learned? Challenges?

Save more money for closing costs because it can get pricy and something may come up right before closing that will require extra capital.

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

I worked with a great real estate agent and mortgage broker.