4-door House Hack, M'ford

[Curran D Bishop]

Investment Info:

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

Purchase price: $440,000
Cash invested: $160,000

Bought a home + 3 ADUs as my primary residence. Mailed 35 letters and heard back from 3 owners; closed with this one, without a realtor. Replaced original boiler with modern on-demand gas heater in 2019/2020. Refinanced before Covid froze multi-family refinancing and pulled out equity to rehab 1 apartment and converted into an Airbnb. Have used state programs to upgrade all windows, insulate, instal 3 mini-splits in main home, 1 in ADU in main house; turned garage building with 2 ADUs from oil heat to mini-splits. Used personal funds to replaced roof with metal roof and added rigid foam insulation to bring roof to R60. Slowly improving main home. Installed solar on both buildings. Between Airbnb and bringing rents up significantly—but not as far as market—property is now paying it's own mortgage!