House Hack #1

[Joseph Turano]

Investment Info:

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

Purchase price: $585,000
Cash invested: $10,000

Utilized A&N's 5% down multi unit conventional option prior to the 5% down option becoming widely available. Didn't have much cash on hand but wanted to get in the game! Went in 50/50 with my brother who has a W2. Put 5% down, maxed out 3% credits, got an additional $3,000 out of inspection items, rolled commission into deal, after all of that and prorated rents we only came out of pocket $2,000 for the acquisition. Garden was partially finished but looked like hell, put $10,000 into a new kitchen and lipstick in bathroom then rented it out for $1,200/mo. Increased rents on first floor and moved into top floor.