2 bed mother in law suite

[Philip Cook]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $319,900
Cash invested: $32,000

2 bedroom mother in law suite

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

It allowed us to buy a bigger house while offsetting the increased mortgage costs.

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

I laughed at the asking price when it hit the MLS and forgot about it. My wife noticed it 4 months later after they had dropped the price $60k.

How did you finance this deal?

7/1 ARM from a local credit union

How did you add value to the deal?

Made the kitchen complete.

Lessons learned? Challenges?

It's possible to house hack with a family that isn't really interested in downsizing.