SFH - Purchased 10/2022

[Jake Craig]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $410,000
Cash invested: $15,000

Partnered with my brother on this house while I was still living in Kentucky. This is a 3 bedroom ranch with an in-law suite in the finished basement (1 bedroom + office space) that has a separate entrance. My brother was living in the in-law suite and we had been renting out the upstairs until recently. Those renters moved downstairs into the in-law suite and we are figuring out what to do with the upstairs currently.

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

My brother wanted a house to house-hack and this seemed perfect

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

MLS

How did you finance this deal?

We put 3.5% down since he would be living there. We just used money saved from W2.

What was the outcome?

Still figuring out if this was a good deal. Initially we were able to rent out the upstairs unit for $2,500 which allowed my brother to only pay $400 per month for rent. He since moved out and the upstairs tenants moved downstairs to pay $1,400 in rent freeing up the upstairs. We are now having a bit of a hard time renting it given it is a shared house with the shared laundry room in the lower level.