1st buy and hold - househack

[Cody Petersen]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $241,011

This was an on-market triplex that a partner and I assumed the loan on. This is my first buy-and-hold, I will be house-hacking this property. My partner and I assumed this loan with equity at a 2.25% interest rate

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

We found this deal on market. Initially, we had offered with traditional financing. However, the property is zoned single family so we could not get lending. The seller was going through troubles and wanted to get rid of the property any way they could so they mentioned a loan assumption, my partner and I were all for it.

Lessons learned? Challenges?

This deal took around 9 months to close with many challenges and impatience along the way. Persistence and patience are key, I am very glad we stuck this out!

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

I was the agent representing my partner and me on the buy side.