Third House Hack

[Tanner Pile]

Investment Info:

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

Purchase price: $1,300,000
Cash invested: $5,000

Owner financing a triplex and converting into back into four units. I will house hack and live in the basement while also renting out the other three units as short term rentals. Own finance terms are 10% down and 4% interest rate. Conventional rates when I bought this were 7.75%! Over the course of the year I should live for free. But even if I do have to pay a small portion it will be worth it.

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

Good owner finance terms

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

MLS. Owner was also the agent

How did you finance this deal?

Owner financing with the seller for purchase and down payment. Financed the rehab with my grandpa.

How did you add value to the deal?

Adding a third unit, updating the main level bathroom, updating one full unit, and renting out the garages.

Lessons learned? Challenges?

Rehab! materials and labor is expensive, I planned to go over budget so Ill keep you posted!

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

I was also the agent on the deal representing myself.