House hacking a 3 unit

[Jesus Garcia]

Investment Info:

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

Purchase price: $410,000
Cash invested: $10,000

Purchased an off market 3 flat with 3.5% down payment and requested 6% seller credit. During diligence and appraisal I had to challenge the appraiser to adjust rents in order to pass self sufficiency test. Upon closing I moved into 1 of the 3 units and raised rents on the vacant units bringing it up to market. Eventually I was collecting enough rental income to cover my mortgage. Later I moved out, purchased a 2 flat, turned the floor I was occupying into short term rental and increased cash flow