#2 Househack - the fun continues!

[Andrew Bosco]

Investment Info:

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

Purchase price: $625,000
Cash invested: $20,000

#2 Househack! Property was on the market for 100 days. 2, 2 car garages and it was a FSBO listed as a single family. Purchased with a 10K seller credit at closing. Turned out - it was an illegal 2 family with an ADU (so 3 units!). AFTER rezoning - the property has since been changed to a two family with an ADU. A solid potential 5 year house hack. Escrowed mortgage is around $5400 a month. Tenants pay a total of $4,200 a month. My wife and I live cheaply every month and in a stellar school zone!

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

Location, Location, Location

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

MLS and 10K seller credit at closing. Inspection etc.

How did you finance this deal?

5% Freddie Mac

How did you add value to the deal?

Updating the kitchen/2 bathrooms in my unit. Appraised at sale at 680K!

What was the outcome?

High after sale appraisal. long term buy and hold house hack.

Lessons learned? Challenges?

Contractor work always costs more than you think.

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

Candor Realty!