First House Hack and glad to be here on BP!

[Freddy Rivera]

Investment Info:

Single-family residence buy & hold investment in Stockbridge.

Purchase price: $400,000
Cash invested: $10,000

REO owned property and took a while but eventually closed and converted into a house hack, added an ADU in the back (+$800/mo) and converted the garage into a studio (+$800/mo) and working on scaling this up for additional properties.

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

It was a really good deal with lots of upside potential, it was my first time buying the home as a junior in College and didn't have the wherewithal to scale and keep buying real estate

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

Through an agent

How did you finance this deal?

FHA loan

How did you add value to the deal?

I added an ADU from scratch and converted the garage to a permitted studio

What was the outcome?

Still have the house and cash flow is approx $3,000/month

Lessons learned? Challenges?

Buy more, scale more, surround yourself with others in the same field and drive

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

I would not recommend them