Buy and hold House Hack

[Carl Davis]

Investment Info:

Single-family residence buy & hold investment in Eagle Mountain.

Purchase price: $558,000
Cash invested: $828

Newest house hack. Basement (3/1) rented for 1900/mo, total mortgage 3700/mo.

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

Closer to my wife's work. Great area.

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

KSL, negotiated seller paid closing costs

How did you finance this deal?

FHA loan.

How did you add value to the deal?

It was new construction. Value was gained during the construction period.

What was the outcome?

60k in equity before we even moved in and an offset mortgage payment for a brand new home...nothing to be upset about in this deal.

Lessons learned? Challenges?

Did a 3/1 in the basement, wish we would have done a 3/2 and added another bathroom in the basement apartment.

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

Just me :)