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Updated over 1 year ago,
First Time home owner - House hacking
Investment Info:
Small multi-family (2-4 units) other investment.
Purchase price: $285,000
Cash invested: $100,000
Multifamily purchased in 2021 and we did upgrades to the property to boost rental income. Monthly mortgage is $2200. We currently live in the home and will be doing so for another 2-3 years to build up equity. Eventually we will move out and rent out all 3 floors, this will in turn increase our monthly income and also build up equity to buy more investment properties.
What made you interested in investing in this type of deal?
The possibility of building generation wealth through real estate
How did you find this deal and how did you negotiate it?
We found the home on Zillow and negotiated through our real estate agent
How did you finance this deal?
FHA Loan
How did you add value to the deal?
We paid an additional $10k to secure the purchase
What was the outcome?
We were the selected buyer and bought the house
Lessons learned? Challenges?
Always negotiate.