My First Property

[Blane Mathews]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $345,000
Cash invested: $~95,000

This is my main residence that I am currently house hacking. I am thinking about turning my half bath into a full bath.

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

I wanted a place to live, but I also wanted help with the mortgage so I have two renters that pay a total of $1400. My total cost after insurance, taxes, etc is $2278.

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

Found on Zillow and negotiated it through my realtor. I really just paid asking- no negotitations.

How did you finance this deal?

60k down payment with a loan from Provident Funding

How did you add value to the deal?

I did not personally value the deal all that well because this was before I got seriously involved in researching real estate.

What was the outcome?

I am still house hacking and living here. I worry that it will not cash flow when I move out, so I am trying to find ways to increase the value to allow more rent- hence the turning my half bath into a full bath.

Lessons learned? Challenges?

Living with roommates is not early. My biggest lesson learned is that I need to make sure I do more research before buying any properties to ensure they can cash flow and are in the best possible area.

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

Yes my Real Estate Agent was amazing. I would recommend him to anyone. I plan on using him again.