4th Househack in Las Vegas

[Vincent Owyong]

Investment Info:

Single-family residence buy & hold investment in Las Vegas.

Purchase price: $426,000
Cash invested: $22,000

4th House Hack in Las Vegas

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

Add an additional room to increase cashflow on Househacking strategy. Great neighborhood next to school and wanted SW area.

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

MLS through Zillow/ Agent. Buyer's market to negotiate down under asking + seller credit included.

How did you finance this deal?

Own equity with the VA 5% down payment.

How did you add value to the deal?

Projects Phases:
I) Convert Loft to Room
II) Convert backyard to more modern landscaping
III) Install Water softener
V) Stainless Steel Appliances
VI) Convert to all LVP

What was the outcome?

Initial asking was $445,000. I was able to negotiate to $435,000+9k seller credit. Overall purchase summed up to be $426,000. Original interest rate at escrow was 6%. Decided to buy down to 5.5% with $3500 of my own equity. Cash flow still works, but would like to refinance to lower rate possibly.

Lessons learned? Challenges?

If the seller accepts the 1st initial offer, then I probably could have negotiated lower with better terms. Interest rates were the highest I have ever seen in my career at 6%. Was able to buy down to 5.5%. Still, numbers still worked to my favor will be able to househack and cover the entire mortgage to the property.

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

Yes, I used the same real estate/ property manager/ investor friendly agent to coordinate this transaction as my previous investments.