Primary residence house hack, possible Heloc for future use.

[Tyeler Mazey]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $116,000
Cash invested: $25,000

Personal home that will become a rental once fixed and updated or will be used for HELOC to purchase other properties on/off market at that time.

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

Below market value, appraised at almost triple ARV

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

Found on MLS, put in an offer with loan at asking and then had increasing limit up to 12,000 over asking.

How did you finance this deal?

Personal for down payment and then bank financed.

How did you add value to the deal?

where do I start.... new paint, multiple fixes throughout the house, updating kitchen/bathroom, landscaping landscaping landscaping.

What was the outcome?

Its a buy and hold so for now just making payments. House hack with no cash flow but drastically reduced out of pocket.

Lessons learned? Challenges?

Challenges is just the sheer amount of work that was needed luckily I have a great support system to help. Always do inspection and use for negotiating power as well as what needs fixed first.

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

Stephen Micham at UHM (Union Home Mortgage) Loan officer