My first property

[Isaac Ludlow]

Investment Info:

Mobile home buy & hold investment.

Purchase price: $399,000
Cash invested: $14,000

House hacking by renting out the basement and living upstairs.

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

I wanted to start renting out rooms to students at the nearby college and realized a house hack would be the easiest way to get started with that.

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

MLS and bought at the asking price as the market was still very hot at the time and buyers generally didn't have much power.

How did you finance this deal?

USDA loan with 0% down. Put 14k into adding a kitchen in the basement and redoing the floors.

Lessons learned? Challenges?

Had some trouble with tenants being a pain to live with. Lesson learned: if a tenant looks messy with how they're dressed they probably are messy people. Also, if a lead is begging right off the bat or trying to get in asap, red flag, be careful.